Transaction Information
Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC) announced the closing of its previously announced underwritten public offering of 2,078,214 shares of its common stock, offered at a price of $7.00 to the public, which includes the full exercise of the underwriter's over-allotment option to purchase additional shares. The gross proceeds to the company from this offering are approximately $14.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the company. Existing and new institutional investors participated in the offering.
Cyclacel intends to use the net proceeds from this offering to support the company's growth strategy and for working capital and general corporate purposes, including research and development expenses, and capital expenditures.
This offering was made pursuant to an effective shelf registration statement on Form S-3 (No. 333-231923) previously filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective by the SEC on June 21, 2019.
Ladenburg Thalmann & Co. Inc. acted as co-manager in connection with the offering.
About Cyclacel Pharmaceuticals
Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC) 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 additional information, please visit www.cyclacel.com.
The information and material presented is provided for informational purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or buy any securities mentioned herein.