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TheStreet Open House

Cyclacel Reports Second Quarter 2012 Financial Results

Stocks in this article: CYCC

BERKELEY HEIGHTS, N.J., Aug. 14, 2012 (GLOBE NEWSWIRE) -- Cyclacel Pharmaceuticals, Inc. (Nasdaq:CYCC), (Nasdaq:CYCCP); Cyclacel or the Company), a biopharmaceutical company developing oral therapies that target the various phases of cell cycle control for the treatment of cancer and other serious disorders today reported its financial results and business highlights for the second quarter ended June 30, 2012.

The net loss for each of the second quarters of 2012 and 2011 was $3.6 million. For the six months ended June 30, 2012, the Company reported a net loss of $6.5 million as compared to a net loss of $8.1 million for the six months ended June 30, 2011. As of June 30, 2012, cash and cash equivalents totaled $20.0 million. The Company's net loss applicable to common stockholders for the second quarter of 2012 was $3.8 million, or $0.06, per basic and diluted share, compared to a net loss applicable to common stockholders of $3.7 million, or $0.08, per basic and diluted share for the second quarter of 2011. The Company's net loss applicable to common stockholders for the six months ended June 30, 2012 was $6.9 million, or $0.12, per basic and diluted share, compared to a net loss applicable to common stockholders of $8.5 million, or $0.18, per basic and diluted share for the six months ended June 30, 2011.

"Cyclacel's focus remains on the successful execution of SEAMLESS, our Phase 3 study of sapacitabine as front-line treatment in acute myeloid leukemia (AML). With 35 clinical sites open and enrolling in the U.S., we anticipate reaching the second planned periodic safety review in late 2012 or early 2013," said Paul McBarron, Executive Vice President, Finance and Chief Operating Officer of Cyclacel. "Sapacitabine continues to demonstrate promising safety and efficacy thus far in both hematological malignancies and solid tumors. At ASCO 2012 we reported promising median overall survival of approximately 8.4 months for single-agent sapacitabine in patients with myelodysplastic syndromes (MDS), who had failed hypomethylating agents. At ASCO 2012 we also reported promising data from our Phase 1/2 study of sapacitabine in combination with our second drug, seliciclib, including responses and stable disease in patients who are BRCA-mutation carriers.  In addition to continuing SEAMLESS enrollment, we look forward to overall survival data from the investigator-led, Phase 2/3 "Pick a Winner Programme / LI-1" study comparing single-agent sapacitabine to low dose cytarabine".

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