Chitwood & Harley Files Class Action Complaint Charging Cell Therapeutics With Securities Fraud On Behalf of Investors Who Purchased CTIC Securities From 6/7/04 Through 3/4/05.

ATLANTA -- Chitwood & Harley LLP announces that it has filed a securities fraud class action complaint in the United States District Court for the Western District of Washington against Cell Therapeutics, Inc. ("CTIC" or the "Company") (NASDAQ: CTIC), Max Link and James A. Bianco on behalf of purchasers of CTIC securities during the period between June 7, 2004 and March 4, 2005 (the "Class Period"). A copy of the complaint is available from the court and will be posted on our website, www.classlaw.com for the next two months.

If you have questions about this case or wish to submit your transaction information to our firm, you may contact us through our website, www.classlaw.com by clicking on Cell Therapeutics, Inc., or by e-mailing or calling Nichole Browning Adams, Esq. at [e-mail] or 1-888-873-3999 ext. 4873. Any member of the class who desires to be appointed lead plaintiff in the class action must file a motion with the Court no later than May 9, 2005 on their own or through counsel of their own choice. Class members must meet certain legal requirements to serve as a lead plaintiff. You may also choose to do nothing and remain an absent class member.

The complaint charges Cell Therapeutics, Inc., Max Link, and James Bianco with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that contrary to the defendant's express and repeated representations the results of STELLAR 3 trial were not encouraging; (2) that XYOTAX failed to boost survival for non-small cell lung cancer: (3) that XYOTAX failed to show greater survival benefit than Taxol, the leading drug on the market; and (4) that based on the results of the trial the Company would not be able to begin pre-launch activities and to position itself to submit a new drug application for XYOTAX.

On March 7, 2005, prior to the opening of the market, CTIC announced that a phase III study of XYOTAX in combination with carboplatin, known as STELLAR 3, missed its primary endpoint. News of this shocked the market. Shares fell $4.75 per share or 47.5 percent, on March 7, 2005, to close at $5.25 per share, on unusually high volume.

If you have questions about this case, you are invited to contact Nichole Browning Adams, Esq. of Chitwood & Harley either directly at the number and e-mail listed below or through our website, www.classlaw.com.

Chitwood & Harley LLP is a class action firm that concentrates its nationwide practice in representing victims of securities fraud and corporate mismanagement, as well as other complex litigation. Chitwood & Harley has been appointed lead counsel in major actions throughout the United States and has been instrumental in recovering billions of dollars on behalf of its clients. Clients and courts alike have praised the results achieved by Chitwood & Harley. Recently, the federal judge in "In re BankAmerica Securities Litigation," which resulted in one of the highest recoveries ever in a private securities class action, commented favorably on counsel's performance stating: "Class members were well served by experienced attorneys who, through considerable time and effort, obtained a significant recovery for their clients," and, "(a)s the Court has remarked throughout this litigation, class counsel . . . . have performed at exceptionally high levels, and all parties have been exceedingly well represented."