SOURCE: Izard Nobel LLP

March 15, 2010 14:17 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Cell Therapeutics, Inc.

WEST HARTFORD, CT--(Marketwire - March 15, 2010) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Western District of Washington on behalf of purchasers of the common stock of Cell Therapeutics, Inc. ("Cell Therapeutics" or the "Company") (NASDAQ: CTIC) between May 5, 2009 and February 8, 2010, inclusive (the "Class Period"). Also included are those who purchased shares in the Secondary Offering on or around July 22, 2009.

The Complaint charges that Cell Therapeutics and certain of its executives violated federal securities laws. Specifically, the Complaint alleges that defendants failed to disclose the following materially adverse facts: (i) that the Special Protocol Assessment ("SPA") with the United States Food and Drug Administration ("FDA") for pixantrone, a phase III trial product for non-Hodgkin's lymphoma, was invalidated in March 2008; (ii) that the Company's pixantrone study enrolled a large number of patients who did not suffer from aggressive non-Hodgkin's lymphoma; (iii) that the Company's pixantrone drug was cardiotoxic; and (iv) that, as a result, defendants lacked a reasonable basis for their positive statements about pixantrone.

On February 8, 2010, the FDA posted a Briefing Document concerning the regulatory history of pixantrone, which stated that the Company's SPA was invalidated in March 2008 and that the Company's pixantrone study results were not meeting the FDA's standards for approval.

If you are a member of the class, you may, no later than May 11, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/celltherapeuctics/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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