Cyclacel (NASDAQ: CYCC), a biopharmaceutical company developing innovative medicines based on cancer cell biology, has closed an underwritten public offering of 2,078,214 shares of its common stock, including 271,071 additional shares per the full exercise of the over-allotment option granted to the underwriters. Cyclacel secured approximately $14.5 million in gross proceeds, with each of the shares sold at the public offering price of $7.00. The company intends to use the proceeds from the offering to support its growth strategy, as well as for working capital and general corporate purposes, including research and development expenses and capital expenditures. Roth Capital Partners acted as co-manager for the offering.
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About Cyclacel Pharmaceuticals Inc.
Cyclacel is a clinical-stage, biopharmaceutical company developing innovative cancer medicines based on cell cycle, transcriptional regulation and mitosis biology. The transcriptional regulation program is evaluating fadraciclib, a CDK2/9 inhibitor, and the anti-mitotic program CYC140, a PLK1 inhibitor, in patients with both solid tumors and hematological malignancies. Cyclacel’s strategy is to build a diversified biopharmaceutical business based on a pipeline of novel drug candidates addressing oncology and hematology indications. For more information about the company, visit www.Cyclacel.com.
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