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Cyclacel Pharmaceuticals, Inc. (CYCC) Announces $20 Million Underwritten Offering


5/16/2013 9:44:20 AM

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BERKELEY HEIGHTS, N.J., May 16, 2013 (GLOBE NEWSWIRE) -- Cyclacel Pharmaceuticals, Inc. (Nasdaq:CYCC) (Nasdaq:CYCCP) (Cyclacel or the Company), today announced the pricing of the underwritten offering of 6,666,667 shares of its common stock at a price to the public of $3.00 per share. Cyclacel has granted the underwriters a 30-day option to purchase up to an aggregate of 166,667 shares of Common Stock to cover over-allotments, if any. All of the shares of common stock in this offering are to be sold by Cyclacel. The common stock offering is being conducted as a public offering by means of a prospectus supplement. Cyclacel expects to receive gross proceeds of approximately $20 million from this offering, excluding the underwriters' over-allotment option and before deducting estimated expenses. The Company intends to use the proceeds from this offering to complete the SEAMLESS pivotal Phase 3 trial of its most advanced product candidate, sapacitabine, and general corporate purposes. This offering is expected to close on May 21, 2013, subject to customary closing conditions.

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