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CTI BioPharma Announces Proposed Public Offering of Convertible Preferred Stock

SEATTLE, Oct. 26, 2015 /PRNewswire/ -- CTI BioPharma Corp. ("CTI") (nasdaq and mta:CTIC) today announced that it intends to offer and sell, subject to market and other conditions, shares of its Series N-1 Preferred Stock in an underwritten public offering (the "Offering"). Each share of Series N-1 Preferred Stock will have a stated value of $1,000 per share and will be convertible at the option of the holder, at any time after issuance, into shares of common stock prior to the automatic conversion of such shares in certain circumstances.

CTI plans to use the net proceeds from this Offering to support the commercial launch of pacritinib in the U.S. for patients with myelofibrosis, to conduct additional research concerning the possible application of pacritinib in indications outside of myelofibrosis, to advance the commercialization of PIXUVRI and to support the development of tosedostat in registration-directed trials, as well as for general corporate purposes, which may include funding research and development, conducting preclinical and clinical trials, acquiring or in-licensing potential new pipeline candidates, preparing and filing possible new drug applications and general working capital.

Piper Jaffray & Co. is acting as sole book-running manager for the Offering. Ladenburg Thalmann & Co. Inc. is acting as lead manager for the Offering. The securities described above are being offered by CTI pursuant to a shelf registration statement previously filed with the Securities and Exchange Commission (the "SEC"), which the SEC declared effective on December 8, 2014. A preliminary prospectus supplement related to the Offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the Offering, when available, may be obtained from Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by email to prospectus@pjc.com or by telephone at (800) 747-3924.

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