BERKELEY HEIGHTS, N.J., Dec. 17, 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 announced that it has entered into a common stock purchase agreement (the Purchase Agreement) with Aspire Capital Fund, LLC (Aspire). Aspire has committed to purchase up to $20 million of Cyclacel's common stock from time to time as directed by Cyclacel over the next two years at prices based on the market price at the time of each sale. Upon execution of the Purchase Agreement, Aspire invested $1 million in Cyclacel common stock at a per share price equal to the closing price of $6.29 on December 13, 2012 the date upon which the business terms were agreed to between Cyclacel and Aspire Capital.
"We are pleased to have entered into this agreement with Aspire who enjoys an excellent reputation as an investor," said Spiro Rombotis, President and Chief Executive Officer of Cyclacel. "As we advance SEAMLESS, our Phase 3, registration-directed study, along with other clinical trials for sapacitabine, we plan to use the Aspire agreement to provide us access to funding as needed. If it reaches the market, sapacitabine could represent an attractive therapeutic alternative for underserved patients."
"After following Cyclacel for some years and more recently visiting Cyclacel's headquarters and evaluating the publicly-available data on sapacitabine during our due diligence process, it became clear to us that Cyclacel is an impressive company," commented Steven G. Martin, Managing Member of Aspire and Christos Komissopoulos, Principal of Aspire. "Cyclacel has been thoughtful and conservative in their development plan for sapacitabine. In addition, sapacitabine is a highly differentiated drug from competing molecules in terms of its novel mechanism of action, oral administration, partnering prospects, and promising survival data supporting the ongoing pivotal Phase 3 trial in AML. Cyclacel also has an experienced management team with a strong track record and deep knowledge of clinical and strategy issues in the oncology marketplace. We are very excited about this investment opportunity and have decided to support Cyclacel's development plan for sapacitabine and the rest of the Company's pipeline."