Cell Therapeutics, Inc. Announces $20.25 Million Offering

Cell Therapeutics, Inc. Announces $20.25 Million Offering: "SEATTLE, July 26 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq: CTIC; MTAX) today announced that it has entered into agreements to sell approximately $20.25 million of its 3% Convertible Preferred Stock and warrants in a registered offering to several institutional investors, including existing securities holders. CTI will sell Series C convertible preferred stock and warrants to investors at the negotiated price of $1,000 per share of Series C convertible preferred stock. The Preferred Stock will be convertible into shares of common stock beginning on or about July 27, 2007, at a conversion price of $3.90 per share. Purchasers will also receive warrants to purchase common stock in an amount equal to 50% of their total investment amount divided by $3.90, which warrants will have an exercise price of $4.53 per share, which is equal to the closing bid price of the Company's common stock as reported on the Nasdaq Global Market on July 25, 2007. The warran"