Cyclacel Pharmaceuticals Announces Pricing of Underwritten Offering at $1.36/Share

Cyclacel Pharmaceuticals, Inc. CYCC CYCCP today announced that it has priced an underwritten offering of an aggregate 7,617,646 units at an offering price of $1.36 per unit for gross proceeds of $10.36 million. Each unit consists of (i) one share of common stock and (ii) a five-year warrant to purchase 0.5 of a share of common stock at an exercise price of $1.36 per share, exercisable beginning six months after the date of issuance. The shares of common stock and warrants are immediately separable and will be issued separately such that no units will be issued. Net proceeds, after estimated underwriting discount and other estimated fees and expenses payable by the Company, and assuming the warrants are not exercised, will be approximately $9.3 million. The net proceeds from the offering will be used for funding the Company's SEAMLESS pivotal Phase 3 trial of its leading drug, sapacitabine, and general corporate purposes. The offering is expected to close on July 7, 2011, subject to satisfaction of customary closing conditions. Leerink Swann LLC and Lazard Capital Markets LLC served as Joint-Bookrunning Managers for the offering. Roth Capital Partners, LLC served as financial advisor.