July 23, 2009 (FinancialWire) — Cell Therapeutics, Inc. (NASDAQ: CTIC) has launched an underwritten public offering of up to 29,332,107 shares of its common stock and warrants to purchase up to 7,333,027 shares of its common stock. Rodman & Renshaw (NASDAQ: RODM) is acting as sole bookrunning manager.

In connection with the offering, Cell Therapeutics plans to grant the underwriter a 30-day option to purchase up to 4,399,816 additional shares of its common stock and warrants to purchase up to 1,099,954 additional shares of its common stock to cover overallotments.

Cell Therapeutics plans to use the net proceeds from the offering for working capital and for general corporate purposes, which may include, among other things, paying interest on and/or retiring portions of the company’s outstanding debt.

The company also plans to use the money to fund research and development, preclinical and clinical trials, the preparation and filing of new drug applications and general working capital.

Seattle-based Cell Therapeutics is a biopharmaceutical company focused on developing a portfolio of oncology products.

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