Xcyte Therapies, Inc. Stockholders Approve Transaction With Cyclacel Group plc
3/17/2006 12:27:22 PM
SEATTLE--(BUSINESS WIRE)--March 16, 2006--Xcyte Therapies, Inc. (Xcyte, the "Company") (NASDAQ:XCYT) (NASDAQ:XCYTP) announced that at a special meeting held today the holders of its common stock approved the issuance of shares of Xcyte common stock to effect the transaction contemplated by the Stock Purchase Agreement, dated December 15, 2005, between Xcyte and Cyclacel Group plc. Under the Stock Purchase Agreement, Xcyte will purchase all of the outstanding shares of Cyclacel Ltd., a wholly-owned subsidiary of Cyclacel Group plc, for newly issued shares of Xcyte common stock. Upon closure of the transaction, Cyclacel Group plc shareholders will own approximately 80% of the shares of the combined company, which will be known as Cyclacel Pharmaceuticals, Inc.
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