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Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Cell Therapeutics, Inc., Announces Class Action Lawsuit and Seeks to Recover Losses

A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

The Complaint charges Cell Therapeutics and certain of the Company's executive officers with violations of federal securities laws. Cell Therapeutics is a biopharmaceutical company that develops, acquires and commercializes oncology products for the treatment of cancer. The Company is developing pixantrone, a Phase III single-agent clinical trial product for the treatment of non-Hodgkin's lymphoma and various other hematologic malignancies, solid tumors and immunological disorders. Pixantrone was being developed under a Special Protocol Assessment (SPA) - an agreement between the Company and the U.S. Food & Drug Administration (FDA) concerning the design and size of clinical trials intended to form the primary basis of an efficacy claim for a new drug application. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Cell Therapeutics' business, operations and prospects were materially false and misleading. Specifically, defendants made false and/or misleading statements and/or failed to disclose material adverse information concerning pixantrone, including: (a) that the SPA was invalidated in March 2008; (b) that the Company's pixantrone study enrolled a large number of patients who did not suffer from aggressive Non-Hodgkin's lymphoma; (c) that pixantrone was cardiotoxic; and (d), as a result of the foregoing, that defendants lacked a reasonable basis for their positive statements about the Company's business, operations and prospects. The Complaint further alleges that, as a result of defendants' misrepresentations and/or failures to disclose, Cell Therapeutics common stock traded at artificially inflated levels throughout the Class Period.

On February 8, 2010, the FDA issued a Briefing Document assessing pixantrone in advance of a February 10, 2010, advisory meeting. The agency stated that the Company's SPA was invalidated in March 2008 and that the pixantrone study results were not meeting the FDA's standards for approval.

Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.

If you are a member of the class described above, you may move the Court, no later than May 11, 2010, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

Glancy Binkow & Goldberg LLP, Los Angeles, CA
Lionel Z. Glancy
Michael Goldberg
(310) 201-9150 or (888) 773-9224
shareholders@glancylaw.com
www.glancylaw.com