Cyclacel Pharmaceuticals, Inc. Announces Quarterly Dividend For 6% Convertible Exchangeable Preferred Stock

SHORT HILLS, N.J.--(BUSINESS WIRE)--July 19, 2006--Cyclacel Pharmaceuticals, Inc. ("Cyclacel", the "Company") (Nasdaq: CYCC - News; Nasdaq: CYCCP - News) announced today that the Company's Board of Directors has declared a quarterly dividend in the amount of $0.15 per share on its 6% Convertible Exchangeable Preferred Stock (the "Preferred Stock") in accordance with the terms thereof. Cyclacel issued 2,990,000 shares of the Preferred Stock in November 2004. As of July 14, approximately 943,000 shares of the Preferred Stock had been converted to the Company's common stock. The dividend on the Preferred Stock will be paid on August 1, 2006 to the holders of record as of the close of business on July 24, 2006.