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Cyclacel Pharmaceuticals Reports Fourth Quarter And Full Year 2010 Financial Results

For the year ended December 31, 2010, Cyclacel reported a net loss applicable to common stockholders of $19.7 million, or $0.52 per basic and diluted share, compared to a net loss applicable to common stockholders of $20.8 million, or $0.94 per basic and diluted share for the year ended December 31, 2009. Total net sales of Xclair® Cream and Numoisyn® products were $0.6 million in 2010 compared to $0.9 million in 2009. The decrease in product revenue for 2010 was due to higher than anticipated product returns of approximately $0.2 million, related to expiring product with a two-year shelf-life that were previously sold into the marketplace.  Total R&D expenses for the year ended December 31, 2010 were $6.4 million compared to $9.8 million for the year ended December 31, 2009.  Of the total R&D expense reduction of $3.4 million, approximately $1.7 million was attributable to the completion of clinical programs, other than sapacitabine, and approximately $1.6 million was related to costs associated with sapacitabine capsules for clinical trials which were manufactured in the fourth quarter of 2009.

Total SG&A expenses for the year ended December 31, 2010 were $10.1 million compared to $8.5 million for the year ended December 31, 2009. The increase was primarily due to increased consultancy and professional costs, stock-based compensation charges and legal costs, offset by reductions in employment-related costs and intellectual property costs. Total other interest and expense, net, for the year ended December 31, 2010 was $0.4 million of expense, compared to $2.2 million of expense for the same period in 2009. The change in other interest and expense, net, in 2010, compared to the same period in 2009, was largely due to the recognition of $1.7 million payment under guarantee to Scottish Enterprise. The net loss for the year ended December 31, 2010, was $19.7 million, or $0.52 per basic and diluted share, compared to net loss of $20.8 million, or $0.94 per basic and diluted share for the same period in 2009.  The net loss for the year ended December 31, 2010 included a $2.9 million non-cash expense, with respect to a deemed dividend on convertible exchangeable preferred shares and $0.8 million with respect to dividends on convertible exchangeable preferred shares.  The net loss for the year ended December 31, 2009 included a $1.2 million expense with respect to dividends on convertible exchangeable preferred shares.

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