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Cyclacel Reports First Quarter 2013 Financial Results

Stocks in this article: CYCC

US/Canada call: (877) 493-9121/ international call: (973) 582-2750

US/Canada archive: (800) 585-8367 / international archive: (404) 537-3406

Code for live and archived conference call is 70230723

For the live and archived webcast, please visit the Corporate Presentations page on the Cyclacel website at www.cyclacel.com . The webcast will be archived for 90 days and the audio replay for 7 days.

About Cyclacel Pharmaceuticals, Inc.

Cyclacel is a biopharmaceutical company developing oral therapies that target the various phases of cell cycle control for the treatment of cancer and other serious diseases. Sapacitabine, Cyclacel's most advanced product candidate, is the subject of SEAMLESS, a Phase 3 trial being conducted under an SPA with the FDA as front-line treatment for acute myeloid leukemia (AML) in the elderly, and other studies for myelodysplastic syndromes (MDS), chronic lymphocytic leukemia (CLL) and solid tumors including breast, lung, ovarian and pancreatic cancer and in particular those carrying BRCA mutations. Cyclacel's strategy is to build a diversified biopharmaceutical business focused in hematology and oncology based on a development pipeline of novel drug candidates. Please visit www.cyclacel.com for additional information.

Forward-looking Statements

This news release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding, among other things, the efficacy, safety and intended utilization of Cyclacel's product candidates, the conduct and results of future clinical trials, plans regarding regulatory filings, future research and clinical trials and plans regarding partnering activities. Factors that may cause actual results to differ materially include the risk that product candidates that appeared promising in early research and clinical trials do not demonstrate safety and/or efficacy in larger-scale or later clinical trials, trials may have difficulty enrolling, Cyclacel may not obtain approval to market its product candidates, the risks associated with reliance on outside financing to meet capital requirements, and the risks associated with reliance on collaborative partners for further clinical trials, development and commercialization of product candidates. You are urged to consider statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties the Company faces, please refer to the Company's most recent Annual Report on Form 10-K and other periodic and other filings Cyclacel files with the Securities and Exchange Commission and are available at www.sec.gov. Such forward-looking statements are current only as of the date they are made, and Cyclacel assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

© Copyright 2013 Cyclacel Pharmaceuticals, Inc. All Rights Reserved. The Cyclacel logo and Cyclacel® are trademarks of Cyclacel Pharmaceuticals, Inc.

       
       
CYCLACEL PHARMACEUTICALS, INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
(In $000s, except share and per share amounts)
 (Unaudited)
       
       
  Three Months Ended March 31, Period from August 13, 1996 (inception) to March 31
  2012 2013 2013
Revenues:      
Collaboration and research and development revenue  $ — $ — $3,100
Grant revenue   — 212 3,929
Total revenues  212 7,029
Operating expenses:      
Research and development  1,347 1,580 193,971
Selling, general and administrative  1,768 2,683 92,094
Goodwill and intangible impairment  —  — 2,747
Restructuring costs   —  — 2,634
Total operating expenses 3,115 4,363 291,446
Operating loss  (3,115) (4,051) (284,417)
Other income (expense):      
Costs associated with aborted 2004 IPO  (3,550)
Payment under guarantee  (1,652)
Non-cash consideration with stock purchase agreement  (423)
Change in valuation of Economic Rights  (56) 570 547
Change in valuation of other liabilities measured at fair value  42 6,378
Foreign exchange (losses)/gains 114 120 (3,885)
Interest income  6 1 13,748
Interest expense   —  — (4,567)
Other income  47 4 81
Total other income (expense) 153 695 6,677
Loss from continuing operations before taxes (2,962) (3,356) (277,740)
Income tax benefit  168 258 20,053
Net loss from continuing operations (2,794) (3,098) (257,687)
Discontinued operations:      
(Loss) income from discontinued operations, net of tax of $0 and $10 for the three months ended March 31, 2012 and 2013, respectively  (161) 16 (12,130)
Net loss (2,955) (3,082) (269,817)
Dividends on preferred ordinary shares  (38,123)
Deemed dividend on convertible exchangeable preferred shares   — (8,366) (11,881)
Dividend on convertible exchangeable preferred shares  (182) (122) (4,507)
Net loss applicable to common shareholders  $ (3,137)  $ (11,570)  $ (324,328)
Net loss per share, continuing operations – Basic and diluted  $ (0.38)  $ (1.18)  
Net income (loss) per share, discontinued operations – Basic and diluted  $ (0.02)  $ (0.00)   
Net loss per share – Basic and diluted   $ (0.40)  $ (1.18)  
Weighted average common shares outstanding  7,823,089 9,790,474  
     
     
CYCLACEL PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In $000s, except share amounts)
(Unaudited)
     
  As of December 31 As of March 31
  2012 2013
ASSETS    
Current assets:    
Cash and cash equivalents  $16,412 $14,139
Prepaid expenses and other current assets  1,599 2,056
Current assets of discontinued operations  861 835
Total current assets 18,872 17,030
Property, plant and equipment (net)  129 184
Long-term assets of discontinued operations  353 272
Total assets $19,354 $17,486
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $2,259 $2,825
Accrued liabilities and other current liabilities  5,601 3,534
Economic rights  1,120 550
Other liabilities measured at fair value  20 20
Current liabilities of discontinued operations  335 323
Total current liabilities 9,335 7,252
Total liabilities 9,335 7,252
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2012 and March 31, 2013; 1,213,142 and 420,682 shares issued and outstanding at December 31, 2012 and March 31, 2013, respectively. Aggregate preference in liquidation of $14,436,390 and $5,006,116 at December 31, 2012 and March 31, 2013, respectively  1 — 
Common stock, $0.001 par value; 100,000,000 shares authorized at December 31, 2012 and March 31, 2013; 7,745,780 and 10,881,780 shares issued and outstanding at December 31, 2012 and March 31, 2013, respectively  9 11
Additional paid-in capital  280,211 292,114
Accumulated other comprehensive loss  48 (193)
Deficit accumulated during the development stage  (270,250) (281,698)
Total stockholders' equity  10,019 10,234
Total liabilities and stockholders' equity  $19,354 $17,486
CONTACT: Cyclacel Pharmaceuticals, Inc.
         Investors/Media:
         Corey Sohmer
         (908) 517-7330
         csohmer@cyclacel.com

Cyclacel Pharmaceuticals logo

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