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The Company has the right to raise cash under the Agreement for shares ofthe Company's common stock on a periodic basis. The number and price pershare of each issuance are determined by a contractual formula based on thetrading volume and a discount to the volume weighted average price of theCompany's common stock, as reported by the Milan Stock Exchange, over apreceding period of trading days.
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The first draw under the Agreement is expected to take place in August2008, and the Agreement contemplates that additional draws (subject tocustomary closing conditions) will occur until the warrant is exercised infull or the Company elects to suspend future closings under the Agreement.The Company can choose to reactivate the line of credit following any suchsuspension.
A prospectus supplement relating to the common stock to be issued inrespect of the Agreement was filed with Securities and Exchange Commission.Copies of the prospectus supplement and accompanying base prospectus may beobtained directly from Cell Therapeutics, Inc., 501 Elliott Avenue West, Suite400, Seattle, Washington 98119.
This announcement is neither an offer to sell nor a solicitation of anoffer to buy any of these securities and shall not constitute an offer,solicitation or sale in any jurisdiction in which such offer, solicitation orsale is unlawful.
This press release includes forward-looking statements that involve anumber of risks and uncertainties, the outcome of which could materiallyand/or adversely affect actual future results. Specifically, the risks anduncertainties include risks the we may not be able to meet the closingconditions for issuance of shares under the Agreement and therefore may notreceive any funds under the Agreement, and the risk that the Company continuesto have a significant amount of debt outstanding and will need to raiseadditional capital to fund its operations as well as other risks listed ordescribed from time to time in the Company's most recent filings on Forms 10-K, 8-K and 10-Q. You should also review the risk factors listed or describedfrom time to time in the Company's filings with the Securities and ExchangeCommission including, without limitation, the Company's most recent filings onForms 10-K, 8-K, and 10-Q. Except as may be required by law, CTI does notcommit to update or alter its forward-looking statements whether as a resultof new information, future events, or otherwise.Media Contact: Cell Therapeutics, Inc. Dan Eramian T: 206.272.4343 C: 206.854.1200 E: [email protected] http://www.CellTherapeutics.com/media.htm Investors Contact: Cell Therapeutics, Inc. Ed Bell T: 206.272.4345 Lindsey Jesch T: 206.272.4347 F: 206.272.4434 E: [email protected] http://www.CellTherapeutics.com/investors.htm
SOURCE Cell Therapeutics, Inc.
