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Biotech / Medical : Cell Therapeutics (CTIC)
CTIC 9.0900.0%Jun 26 5:00 PM EST
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From: Ian@SI6/21/2006 11:46:33 AM
   of 946
 
Societe Generale Agrees to Purchase Up to euro 45 Million ($55 million) of CTI Common Stock in a Step-Up Equity Financing

prnews

Agreement Provides CTI Ability to Determine Timing of Raising Additional Funds Through Sales to Societe Generale

SEATTLE, June 21 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI)
(Nasdaq: CTIC) announced today a Step-up Equity Financing Agreement with
Societe Generale. The bank has agreed to purchase, over a period of 24 months
commencing upon meeting certain conditions, up to euro 45 million
($55 million) of CTI new common shares based on a pre-determined formula with
a right to increase the amount of the issuance to up to euro 60 million
($72 million). Any shares issued, which are covered under an existing shelf
registration, will be purchased by Societe Generale, which will sell the
shares on the Italian market. Societe Generale's obligation to purchase shares
upon request by CTI is subject to the conditions set forth in the agreement
with the bank.

Subject to certain conditions, the Step-up Equity Financing Agreement will
allow CTI to raise equity finance in one or more tranches. All issuances are
at CTI's election, and CTI is not required to undertake any issuances under
the agreement. The total amount of any capital raised will depend on the
actual financing needs over the lifetime of the agreement and other
considerations and will reflect the market performance and trading volume of
CTI shares.

About Cell Therapeutics,
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