SHORT HILLS, N.J.--(BUSINESS WIRE)--May 16, 2006--Cyclacel Pharmaceuticals, Inc. (Nasdaq: CYCC - News; Nasdaq: CYCCP - News), a company focused on the discovery and development of small molecule cell cycle inhibitors for the treatment of cancer and other serious diseases, today reported financial and operating results for the first quarter of 2006. The results are the first since Cyclacel Pharmaceuticals became public through a business combination with Xcyte Therapies, Inc. (“Xcyte”). The Company had a net loss in the quarter of $11.3 million, which includes a stock-based compensation expense of $7.0 million. At the end of the first quarter of 2006, the Company had $30.6 million in cash, cash equivalents and marketable securities. In April, the Company raised an additional $45.3 million through a private placement to several institutional investors.
