Core Viewpoint - Cyclacel Pharmaceuticals has successfully completed a private placement of its convertible Series E Preferred Stock, raising gross proceeds of $1.0 million to support its working capital and extend its cash runway into the third quarter of 2025 [1][2]. Group 1: Financing Details - The private placement of Preferred Stock closed on March 21, 2025, and the net proceeds will be utilized for working capital and general corporate purposes [2]. - Each share of Preferred Stock is convertible into 110 shares of common stock, subject to stockholder approval as per Nasdaq listing rules [3]. - The securities were sold in reliance on Regulation S of the Securities Act and have not been registered under the Securities Act or any state securities laws [4]. Group 2: Company Overview - Cyclacel Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing innovative cancer medicines, particularly through its anti-mitotic program plogosertib, a PLK1 inhibitor targeting solid tumors and hematological malignancies [7]. - The company aims to build a diversified biopharmaceutical business with a pipeline of novel drug candidates addressing oncology and hematology indications [7]. Group 3: Advisory Information - Arc Group Ltd. acted as a financial advisor for Cyclacel during the private placement, while Rimon P.C. served as legal counsel [6].
Cyclacel Pharmaceuticals Announces $1 Million Private Placement Offering of Convertible Preferred Stock