BERKELEY HEIGHTS, N.J., Jan. 13, 2010 (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 $7.2 million, before deducting placement agent fees and offering expenses, in a registered direct offering with select institutional investors. The offer included the sale and issuance of 2.85 million units, each unit consisting of one share of the Company’s common stock and a warrant to purchase 0.25 shares of common stock, at a purchase price of $2.51 per unit. The warrants, which represent the right to acquire an aggregate of 712,500 shares of common stock at an exercise price of $3.26 per share, have a five-year term from the date of issuance and are exercisable beginning six months after the date of issuance.
