Cyclacel Pharma (CYCC) Prices $20M Offering of Common Stock, Warrants

Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC), 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.

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