Cell Therapeutics to issue shares in exchange for up to $30 million of 4% convertible notes

By Jennifer Chiou

New York, May 17 - Cell Therapeutics, Inc. said it entered into exchange agreements with some holders of its 4% convertible senior subordinated notes due 2010.

Under the agreements, the company may issue up to 60 million shares in exchange for up to $30 million of the notes in one or a series of exchanges.

Cell Therapeutics said that the number of shares to be exchanged depends on the trading price, volume and other factors.

The company will also pay accrued interest to the settlement date.

Questions may be directed to Ed Bell (206 282-7100) or Lindsey Jesch Logan (206 272-4247).

Cell Therapeutics is a Seattle-based biopharmaceutical company developing treatments for cancer.

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