BERKELEY HEIGHTS, N.J.--(BUSINESS WIRE)--Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP) announced today that it has completed its previously announced registered direct offering through the sale of shares of its common stock and warrants for gross proceeds of $36 million, before deducting placement agent fees and estimated offering expenses. The purchase price for the shares and the exercise price for the warrants was $8.44 per share, the closing bid price for the Company’s common stock on February 12, 2007. Investors in the financing paid $0.03125 per warrant, for an aggregate purchase price of $8.47125 for one share of common stock and a warrant to purchase 0.25 of a share of common stock. At closing, the Company issued approximately 4.2 million shares of common stock and warrants to purchase approximately 1.1 million shares of common stock. The shares were offered under the Company’s effective shelf registration statement previously filed with the Securities and Exchange Commission.
