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Cyclacel Reports First Quarter 2013 Financial Results

General and Administrative Expenses

Total general and administrative expenses for the first quarter of 2013 were $2.7 million, compared to $1.8 million for the same period in 2012 with the increase of $0.9 million primarily related to professional and consultancy costs including legal fees.

Other

During the first quarter of 2013, issued an aggregate 1,513,653 common shares in exchange for an aggregate 792,460 preferred shares. As a result of these transactions, deemed dividends totaling approximately $8.4 million were charged to the consolidated statement of operations as a one-time, non-cash expense. During the first quarter of 2013, issued 650,000 common shares to an institutional investor in consideration for aggregate proceeds of approximately $3.4 million.

Cash and Cash Equivalents

As of March 31, 2013, Cyclacel's cash and cash equivalents were $14.1 million compared to $16.4 million as of December 31, 2012. The Company's cash and cash equivalents do not include the subsequent receipt of $5.5 million for the sale of four Cyclacel romidepsin-related patents to Celgene. The Company expects that its cash resources are sufficient to meet anticipated working capital needs and fund on-going sapacitabine clinical trials for at least the next twelve months.

Cyclacel's Goals for 2013

  • Continue enrollment in the SEAMLESS pivotal Phase 3 study of sapacitabine in AML;
  • Report upcoming DSMB reviews of SEAMLESS;
  • Report updated Phase 2 sapacitabine data in MDS after treatment failure of hypomethylating agents;
  • Announce registration-directed, clinical development plan for sapacitabine in MDS after treatment failure of hypomethylating agents; and
  • Report updated data from the Phase 1 study of sapacitabine and seliciclib in patients with advanced solid tumors, including BRCA carriers. 

Conference call and Webcast Information:

Cyclacel will conduct a conference call on May 13, 2013 at 4:30 p.m. Eastern Time to review the first quarter results. Conference call and webcast details are as follows:

Stock quotes in this article: CYCC 

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