Cell Therapeutics to restate 2006 quarterly financial statements

Co announces that, upon the recommendation of its management and Audit Committee and with the concurrence of its independent public accountants, it concluded on January 29, 2007 that they will restate its financial statements for the quarters ended March 31, June 30, and September 30, 2006. The co has determined that these quarterly statements inadvertently overstated clinical trial and certain settlement expenses. CTIC expects that the correction of these non-cash errors will result in reduced research and development and settlement expenses attributable to its Bresso, Italy subsidiary by approx $2 mln to $3 mln.