CYCLACEL ANNOUNCES PRICING OF $20 MILLION PUBLIC OFFERING
April 21 2020 - 8:27AM
Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP;
“Cyclacel” or the “Company”), a biopharmaceutical company
developing innovative medicines based on cancer cell biology, today
announced the pricing of a public offering with expected total
gross proceeds of approximately $20 million, before deducting
placement agent fees and other offering expenses payable by the
Company.
Roth Capital Partners is acting as the lead
placement agent for the offering. Ladenburg Thalmann and Brookline
Capital Markets, a division of Arcadia Securities, LLC are acting
as co-placement agents for the offering.
The securities offered by the Company consist of
(i) 4,000,000 shares of its common stock (or pre-funded warrants to
purchase common stock in lieu thereof) and (ii) common warrants to
purchase up to 4,000,000 shares of common stock. Each share of
common stock and, as applicable, each pre-funded warrant, is being
sold together with a common warrant to purchase one share of common
stock at a combined effective price to the public of $5.00 per
share and accompanying common warrant, and/or $4.999 per pre-funded
warrant and accompanying common warrant. For each pre-funded
warrant the Company sells, the number of shares of common stock the
Company is offering will be decreased on a one-for-one basis. The
common warrants will be immediately exercisable at a price of $5.00
per share of common stock and will expire five years from the date
of issuance. The shares of common stock and/or the pre-funded
warrants, and the accompanying common warrants, can only be
purchased together in the offering but will be issued separately
and will be immediately separable upon issuance. The offering is
expected to close on April 23, 2020, subject to customary closing
conditions.
A registration statement relating to these
securities has been filed with the Securities and Exchange
Commission (the “SEC”) and was declared effective on April 20,
2020. A final prospectus relating to the offering will be filed
with the SEC and will be available on the SEC’s web site
at www.sec.gov. Copies of the final prospectus relating to
this offering may be obtained, when available, by
contacting Roth Capital Partners, LLC, Attention: Equity
Capital Markets, 888 San Clemente Drive, Suite
400, Newport Beach, California 92660, by telephone at
(800) 678-9147 or e-mail at rothecm@roth.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Cyclacel Pharmaceuticals,
Inc.
Cyclacel Pharmaceuticals is a
clinical-stage biopharmaceutical company developing innovative
cancer medicines based on cell cycle, transcriptional regulation
and DNA damage response biology. The transcriptional regulation
program is evaluating fadraciclib as a single agent in solid tumors
and in combination with venetoclax in patients with relapsed or
refractory AML/MDS and CLL. The DNA damage response program is
evaluating an oral combination of sapacitabine and venetoclax in
patients with relapsed or refractory AML/MDS. An IST is evaluating
an oral combination of sapacitabine and olaparib in patients with
BRCA mutant breast cancer. The anti-mitotic program is evaluating
CYC140, a PLK1 inhibitor, in advanced leukemias/MDS
patients. Cyclacel's strategy is to build a diversified
biopharmaceutical business focused in hematology and oncology based
on a pipeline of novel drug candidates. Please visit
www.cyclacel.com for more information.
Forward-looking Statements
This news release contains certain
forward-looking statements that involve risks and uncertainties
that could cause actual results to be materially different from
historical results or from any future results expressed or implied
by such forward-looking statements. Such forward-looking statements
include statements regarding, among other things, the efficacy,
safety and intended utilization of Cyclacel's product candidates,
the conduct and results of future clinical trials, plans regarding
regulatory filings, future research and clinical trials and plans
regarding partnering activities. Factors that may cause actual
results to differ materially include the risk that product
candidates that appeared promising in early research and clinical
trials do not demonstrate safety and/or efficacy in larger-scale or
later clinical trials, trials may have difficulty enrolling,
Cyclacel may not obtain approval to market its product candidates,
the risks associated with reliance on outside financing to meet
capital requirements, and the risks associated with reliance on
collaborative partners for further clinical trials, development and
commercialization of product candidates. You are urged to consider
statements that include the words "may," "will," "would," "could,"
"should," "believes," "estimates," "projects," "potential,"
"expects," "plans," "anticipates," "intends," "continues,"
"forecast," "designed," "goal," or the negative of those words or
other comparable words to be uncertain and forward-looking. For a
further list and description of the risks and uncertainties the
Company faces, please refer to our most recent Annual Report on
Form 10-K and other periodic and other filings we file with the
Securities and Exchange Commission and are available at
www.sec.gov. Such forward-looking statements are current only as of
the date they are made, and we assume no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contacts for Cyclacel Pharmaceuticals,
Inc.
Company: Paul McBarron, (908) 517-7330,
pmcbarron@cyclacel.comInvestor Relations: Russo Partners LLC, Jan
Medina, (646) 942-5632, Jan.Medina@russopartnersllc.com
© Copyright 2020 Cyclacel Pharmaceuticals, Inc.
All Rights Reserved. The Cyclacel logo
and Cyclacel® are trademarks of Cyclacel
Pharmaceuticals, Inc.
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