BERKELEY HEIGHTS, N.J., Dec. 15, 2009 (GLOBE NEWSWIRE) -- Cyclacel Pharmaceuticals, Inc. (Nasdaq:CYCC) (Nasdaq:CYCCP) (“Cyclacel” or the “Company”) today announced that, on December 9, 2009, the Company was notified by the NASDAQ Staff that the Company does not comply with the minimum $10 million stockholders’ equity requirement set forth in NASDAQ Listing Rule 5450(b)(1)(A) (the “Rule”) and that the Company’s securities are subject to delisting from The Nasdaq Global Market unless the Company requests a hearing before a NASDAQ Listing Qualifications Panel (the “Panel”). Cyclacel intends to timely request a hearing before a Panel, which automatically stays the delisting of the Company’s securities pending the issuance of the Panel’s decision after a hearing. Under NASDAQ’s Listing Rules, the Panel may, at its discretion, determine to continue the Company’s listing pursuant to an exception to the Rule for a maximum of 180 days from the date of the Staff’s notification or through June 7, 2010. However, there can be no assurances that the Panel will do so.
