Cell Therapeutics, Inc. Takes Corrective Actions in Response to Nasdaq Determination

SEATTLE, Aug. 28 Cell Therapeutics, Inc. (CTI)(Nasdaq and MTAX: CTIC) today announced that it had received a DeficiencyLetter (the "Letter") from Nasdaq indicating that the Company's recentlycompleted registered offering of Series C 3% Convertible Preferred Stock (the"Series C Preferred") and warrants did not comply with voting rightsrequirements set forth in Nasdaq Marketplace Rule 4351 and IM 4351. The Nasdaqstaff verbally notified the Company of such noncompliance on August 9, 2007and, in response to this verbal notification, the Company took action to curethe deficiency by amending the Articles of Amendment of the Company's Articlesof Incorporation, which set forth the rights and preferences of the holders ofthe Series C Preferred (the "Articles of Amendment"). The amendment to theArticles of Amendment (the "Amendment") adjusted the conversion ratio of theSeries C Preferred for purposes of the voting rights provision of the Articlesof Amendment, and had the effect of reducing the number of votes that theholders of the Series C Preferred have because it increased the conversionprice from $3.90 to $4.53 for purposes of the voting rights provision. TheAmendment did not change the conversion price in any other provision of theArticles of Amendment, including but not limited to the provision onconversion of such Series C Preferred into shares of common stock.

The letter confirms that, subject to the public announcement requirementsof Nasdaq Marketplace Rule 4803(a), the Company has regained compliance withNasdaq Marketplace Rule 4351 and IM 4351 and the matter is now closed.

About Cell Therapeutics, Inc.

Headquartered in Seattle, CTI is a biopharmaceutical company committed todeveloping an integrated portfolio of oncology products aimed at making cancermore treatable. For additional information, please visithttp://www.cticseattle.com.Media Contact: Dan Eramian T: 206.272.4343 C: 206.854.1200 Susan Callahan T: 206.272.4472 F: 206.272.4434 E: [email protected] http://www.cticseattle.com/media.htm Investors Contact: Leah Grant T: 206.282.7100 F: 206.272.4434 E: [email protected] http://www.cticseattle.com/investors.htm

SOURCE Cell Therapeutics, Inc.

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