BERKELEY HEIGHTS, N.J., July 30, 2009 (GLOBE NEWSWIRE) -- Cyclacel Pharmaceuticals, Inc. (Nasdaq:CYCC) (Nasdaq:CYCCP) (“Cyclacel” or the “Company”) announced today that it completed its previously announced registered direct offering through the sale of shares of its common stock and warrants for gross proceeds of $3.4 million, before deducting placement agent fees and offering expenses, in a registered direct offering with select institutional investors led by Special Situations Fund. The offer included the sale and issuance of 4.0 million units, at a purchase price of $0.85 per unit, with each unit consisting of (i) one share of the Company’s common stock, (ii) a five-year warrant to purchase 0.18 shares of common stock, at an exercise price of $1.00 per share, exercisable beginning six months after the date of issuance, and (iii) a seven-month warrant to purchase 0.625 shares of common stock, at an exercise price of $1.00 per share, exercisable beginning six months after the date of issuance. If fully exercised, the seven-month warrants would produce additional gross proceeds of $2.5 million. In the aggregate, the warrants represent the right to acquire 3,235,522 shares of common stock, with 2,500,000 representing the seven-month warrants and the remaining 735,522 representing the five-year warrants.
