SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G
                                (RULE 13d - 102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-1(b), (c) AND (d)
               AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(b)

                               (Amendment No.___)*

                             Cell Therapeutics, Inc.
                                (Name of Issuer)

                                  Common Stock
                         (Title of Class of Securities)

                                    150934107
                                 (CUSIP Number)

                                December 31, 2005
             (Date of Event which Requires Filing of this Statement)

Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:

[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for  any  subsequent   amendment   containing   information  which  would  alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).

                       (Continued on the Following Pages)



1.       NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                  Linden Capital LP

2.       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

         (a)      [x]
         (b)      [ ]

3.       SEC USE ONLY

4.       CITIZENSHIP OR PLACE OF ORGANIZATION

                  Bermuda

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

5.       SOLE VOTING POWER

                  0

6.       SHARED VOTING POWER

                  7,566,631

7.       SOLE DISPOSITIVE POWER

                  0

8.       SHARED DISPOSITIVE POWER

                  7,566,631

9.       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  7,566,631

10.      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
         EXCLUDES CERTAIN SHARES*   [X]

11.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                  9.5%

12.      TYPE OF REPORTING PERSON*

                  PN

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



1.       NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                  Siu Min Wong

2.       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

         (a)      [x]
         (b)      [ ]

3.       SEC USE ONLY

4.       CITIZENSHIP OR PLACE OF ORGANIZATION

                  China

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.       SOLE VOTING POWER

                  0

6.       SHARED VOTING POWER

                  7,566,631

7.       SOLE DISPOSITIVE POWER

                  0

8.       SHARED DISPOSITIVE POWER

                  7,566,631

9.       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  7,566,631

10.      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
         EXCLUDES CERTAIN SHARES*   [X]

11.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                  9.5%

12.      TYPE OF REPORTING PERSON*

                  IN

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



This  Schedule 13G is being filed by the  Reporting  Persons (as defined  below)
with respect to the shares of Common Stock (as defined below) beneficially owned
by them as of February 14, 2006.

ITEM 1(a).        Name of Issuer:

     Cell Therapeutics, Inc. (the "Issuer").

Item 1(b).        Address of Issuer's Principal Executive Offices:

     501 Elliott Avenue West, Suite 400
     Seattle, Washington 98119

Item 2(a).        Name of Persons Filing:

     The names of the persons filing this statement on Schedule 13G are:  Linden
Capital LP, a Bermuda limited  partnership  ("Linden  Capital") and Siu Min Wong
("Mr. Wong," and collectively, the "Reporting Persons").

     With respect to their beneficial  ownership of the Common Stock (as defined
below), the Reporting Persons previously filed jointly with Paloma International
L.P.  ("Paloma"),  S. Donald  Sussman  ("Mr.  Sussman")  and Linden  Advisors LP
("Linden  Advisors").  The Reporting  Persons,  Paloma,  Mr.  Sussman and Linden
Advisors  jointly filed a Schedule 13G on November 10, 2006  (collectively,  the
"Joint  Schedule 13G Filing").  As of January 17, 2006,  the  Reporting  Persons
ceased to be a group with Paloma,  Mr. Sussman and Linden Advisors and no longer
file jointly.

Item 2(b).        Address of Principal Business Office or, if None, Residence:

     The  principal  business  address for Linden  Capital is 18 Church  Street,
Skandia House, Hamilton, HM 11, Bermuda.

     The principal business address for Mr. Wong is 450 Park Avenue, 30th Floor,
New York, New York 10022.

Item 2(c).        Citizenship:

     Linden Capital is a Bermuda  limited  partnership and Mr. Wong is a citizen
of China.

Item 2(d).        Title of Class of Securities

     Common Stock, no par value (the "Common Stock").

Item 2(e).        CUSIP Number:

     150934107

Item 3.  If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or
         (c), Check Whether the Person Filing is a:

     (a) [ ] Broker or dealer registered under Section 15 of the Exchange Act.

     (b) [ ] Bank as defined in Section 3(a)(6) of the Exchange Act.

     (c) [ ] Insurance company defined in Section 3(a)(19) of the Exchange Act.

     (d) [ ] Investment  company  registered  under Section 8 of the  Investment
             Company Act.

     (e) [ ] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E).



     (f) [ ] An employee  benefit plan or endowment fund in accordance with Rule
             13d-1(b)(1)(ii)(F).

     (g) [ ] A parent holding  company or control person in accordance with Rule
             13d-1(b)(1)(ii)(G).

     (h) [ ] A savings  association  as defined in Section  3(b) of the  Federal
             Deposit Insurance Act.

     (i) [ ] A church plan that is excluded from the definition of an investment
             company under Section 3(c)(14) of the Investment Company Act;

     (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

     If this statement is filed pursuant to Rule 13d-1(c), check this box [x]

Item 4.   Ownership.

     Provide  the  following  information  regarding  the  aggregate  number and
percentage of the class of securities of the issuer identified in Item 1.

     (a)  Amount beneficially owned:

          The Reporting Persons  collectively  beneficially own 7,566,631 shares
          of Common Stock  consisting of: (i) 1,339,604  shares of Common Stock,
          and (ii) convertible bonds ("Convertible Bonds") which are convertible
          into 6,227,027 shares of Common Stock. The Reporting  Persons disclaim
          beneficial ownership with respect to additional shares of Common Stock
          into which the  Convertible  Bonds may  convert  due to the  Ownership
          Limitation described below.

          In  accordance  with Rule 13d-4 under the  Securities  Exchange Act of
          1934, as amended,  the number of shares of Common Stock into which the
          Convertible  Bonds are convertible are limited,  pursuant to the terms
          of such  instruments,  to that number of shares of Common  Stock which
          would result in the  Reporting  Persons  having  aggregate  beneficial
          ownership of 9.5% of the total issued and outstanding shares of Common
          Stock (the "Ownership  Limitation").  The Reporting  Persons  disclaim
          beneficial  ownership of any and all shares of Common Stock that would
          cause the Reporting Persons' aggregate  beneficial ownership to exceed
          the Ownership Limitation.

     (b)  Percent of class:

          The Reporting Persons have beneficial ownership of 7,566,631 shares of
          Common Stock  constituting  9.5% of all of the  outstanding  shares of
          Common Stock.

     (c)  Number of shares as to which such person has:

          (i)   Sole power to vote or to direct the vote

                Not applicable.

          (ii)  Shared power to vote or to direct the vote

                Linden  Capital and Mr.  Wong have  shared  power to vote or
                direct  the vote of the  7,566,631  shares of  Common  Stock
                owned by Linden Capital.



          (iii) Sole power to dispose or to direct the disposition of

                Not applicable.

          (iv)  Shared power to dispose or to direct the disposition of

                Linden  Capital and Mr. Wong have shared power to dispose or
                direct the  disposition  of the  7,566,631  shares of Common
                Stock owned by Linden Capital.

Item 5.   Ownership of Five Percent or Less of a Class.

     If this  statement  is being  filed to report  the fact that as of the date
hereof the Reporting Persons have ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [ ].

Item 6.   Ownership of More than Five Percent on Behalf of Another Person.

     Not applicable.

Item 7.   Identification and Classification of the  Subsidiary  Which  Acquired
          the Security Being Reported on by the Parent Holding Company.

     Not applicable.

Item 8.   Identification and Classification of Members of the Group.

     See Exhibit B attached hereto.

Item 9.   Notice of Dissolution of Group.

     The Reporting  Persons  previously filed the Joint Schedule 13G Filing with
Paloma,  Mr. Sussman and Linden Advisors.  As of January 17, 2006, the Reporting
Persons ceased to be a group with Paloma, Mr. Sussman and Linden Advisors and no
longer file jointly.

Item 10.  Certification.

     By  signing  below  the  undersigned  certifies  that,  to the  best of its
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing  or  influencing  the
control of the issuer of the  securities  and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.



                                   SIGNATURES

     After reasonable inquiry and to the best of its knowledge and belief,  each
of the undersigned  certifies that the information  with respect to it set forth
in this statement is true, complete, and correct.


Dated:  February 14, 2006


         LINDEN CAPITAL L.P.
         By: Linden GP LLC, general partner


                 By: /s/ Siu Min Wong
                     ----------------
                         Siu Min Wong,
                         Managing Member


         /s/ Siu Min Wong
         ----------------
             Siu Min Wong



                                    EXHIBIT A
                             JOINT FILING AGREEMENT

     The  undersigned  hereby  agree that the  statement  on  Schedule  13G with
respect to the Common Stock of Cell  Therapeutics,  Inc. dated February 14, 2006
is, and any further  amendments  thereto signed by each of the undersigned shall
be,  filed on behalf of each of the  undersigned  pursuant to and in  accordance
with the provisions of Rule 13d-1(k) under the Securities  Exchange Act of 1934,
as amended.


Dated:  February 14, 2006


         LINDEN CAPITAL L.P.
         By: Linden GP LLC, general partner


                 By: /s/ Siu Min Wong
                     ----------------
                         Siu Min Wong,
                         Managing Member


         /s/ Siu Min Wong
         ----------------
             Siu Min Wong



                                    EXHIBIT B
                     IDENTIFICATION OF MEMBERS OF THE GROUP



Linden Capital L.P.
Siu Min Wong