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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
SCHEDULE 13G
Information Statement pursuant to Rules 13d-1 and 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. )
Cell Therapeutics, Inc.
________________________________________________________________-
___
(Name of Issuer)
Common Stock
_________________________________________________________________
(Title of Class of Securities)
NONE
_______________________________________________________________-
___
(CUSIP Number)
________________________
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_________________________________________________________________
1) Name of Reporting Person International
S.S. or I.R.S. Identification Biotechnology
No. of Above Person Trust plc
_________________________________________________________________
2) Check the Appropriate Box (a) [ ]
if a Member of a Group (b) [ ]
_________________________________________________________________
3) SEC Use Only
_________________________________________________________________
4) Citizenship or Place United Kingdom
of Organization
_________________________________________________________________
Number of Shares 5) Sole Voting 3,731,343 shares
Beneficially Power of Common Stock
Owned by Each (issuable upon
Reporting Person conversion of
With: 37,313.433 shares
of preferred stock)
________________________________________
6) Shared Voting
Power -0-
________________________________________
7) Sole Disposi- 3,731,343 shares
tive Power of Common Stock
(issuable upon
conversion of
37,313.433 shares
of preferred stock)
_______________________________________
8) Shared Dis-
positive Power -0-
________________________________________
9) Aggregate Amount Beneficially 3,731,343 shares
Owned by Each Reporting Person of Common Stock
(issuable upon
conversion of
37,313.433 shares
of preferred stock)
_________________________________________________________________
10) Check if the Aggregate
Amount in Row (9)
Excludes Certain Shares
_________________________________________________________________
11) Percent of Class
Represented by 11.2%
Amount in Row (9)
_________________________________________________________________
12) Type of Reporting
Person PN
Schedule 13G<PAGE>
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Item 1(a) - Name of Issuer: Cell Therapeutics, Inc.
Item 1(b) - Address of Issuer's Principal Executive Offices:
201 Elliot Avenue West, Suite 400
Seattle, WA 98119
Item 2(a) - Name of Person Filing:
This statement is being filed by International
Biotechnology
Trust plc, a corporation organized under the laws
of the
United Kingdom ("IBT" or the "Reporting Person").
Item 2(b) - Address of Principal Business Office:
Five Arrows House
St. Swithin's Lane
London EC4N 8NR England
Item 2(c) - Place of Organization:
United Kingdom
Item 2(d) - Title of Class of Securities:
Common Stock
Item 2(e) - CUSIP Number: None.
Item 3 - Statements Filed Pursuant to Rules 13d-1(b) or
13d-2(b):
Not applicable.
Item 4 - Ownership.
(a) Amount Beneficially Owned: 3,731,343 shares
of Common
Stock (issuable upon conversion of 37,313.433
shares of
preferred stock)
(b) Percent of Class: 11.2%
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(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
3,731,343
shares of Common Stock (issuable upon conver-
sion of
37,313.433 shares of preferred stock)
(ii) shared power to vote or to direct the vote:
- -0-
(iii) sole power to dispose or to direct the
disposition of:
3,731,343 shares of Common Stock (issuable
upon
conversion of 37,313.433 shares of preferred
stock)
(iv) shared power to dispose or to direct the
disposition
of: -0-
Item 5 - Ownership of Five Percent or Less of a Class:
Not applicable.
Item 6 - Ownership of More than Five Percent on Behalf of
Another
Person:
Not applicable.
Item 7 - Identification and Classification of the Subsid-
iary Which
Acquired the Security Being Reported on By the
Parent
Company:
Not applicable.
Item 8 - Identification and Classification of Members of
the Group:
Not applicable.
Item 9 - Notice of Dissolution of Group:
Not applicable.
Item 10 - Certification:
Not applicable.
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Signature:
After reasonable inquiry and to the best of my knowl-
edge and
belief, I certify that the information set forth in this state-
ment is true,
complete and correct.
INTERNATIONAL BIOTECHNOLOGY TRUST PLC
By /s/ Jeremy L. Curnock Cook
Director
Dated: January 23, 1997
