Critical Therapeutics Announces $54.5 Million Private Placement

June 7, 2005

Critical Therapeutics has announced that it has entered into definitive agreements with institutional and other accredited investors, including existing stockholders and affiliated entities, for the private placement of approximately 9.9 million shares of common stock at a price of $5.48 per share, together with warrants to purchase approximately 3.5 million additional shares of common stock at an exercise price of $6.58 per share, for a total purchase price of $54.5 million. The transaction currently is scheduled to close on or about June 20 subject to customary closing conditions.

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