Cell Therapeutics Third Quarter Net Loss Decreases by 68% in 2010 Compared to 2009

SEATTLE, Oct. 28 /PRNewswire-FirstCall/ — Cell Therapeutics,
Inc. (“CTI” or the “Company”) (Nasdaq and MTA: CTIC) today reported
recent accomplishments and financial results for the third quarter
ended September 30, 2010.

“We have made solid progress in controlling costs with a 52%
decrease in net operating expense and a 68% decrease in net loss
for the quarter compared to the same period last year while
strengthening the balance sheet with the recent financing,” said
James A. Bianco, M.D., Chief Executive Officer of the Company. “We
continue to advance pixantrone toward a Marketing Authorization
Application submission in the E.U. and readying the clinical trial
networks for initiating the PIX 306 follow-on pivotal clinical
study.”

Recent Highlights

Received positive opinion agreeing to the Pediatric Investigation
Plan for pixantrone from the Pediatric Committee (PDCO) of the
European Medicines Agency (EMA). Additionally, the PDCO also
recommended deferral of the initiation of the clinical studies
until after the drug receives EMA approval. Announced intention to
appeal the U.S. Food and Drug Administration’s (the “FDA”) decision
on New Drug Application (NDA) for pixantrone, which submission is
targeted for November. Submitted PIX306 follow-on pivotal study to
the newly created Division of Hematologic Products at FDA for
review. Retired all convertible debt due in 2010 The Mayo Clinic’s
clinical trial network, the North Central Cancer Treatment Group
(“NCCTG”), initiated patient enrollment in two phase II programs
conducted by the NCCTG: one clinical trial with pixantrone in
metastatic breast cancer and one clinical trial using brostallicin
in triple negative metastatic breast cancer.

For the quarter ended September 30, 2010, total net operating
expenses decreased 52% to $13.0 million compared to $27.1 million
for the same period in 2009.  The decrease was mainly due to
decreased expenses

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