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TheStreet Open House

Cyclacel Reports Second Quarter 2013 Financial Results

Stocks in this article: CYCC

BERKELEY HEIGHTS, N.J., Aug. 14, 2013 (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, 2013.

The net income for the second quarter of 2013 was $1.5 million and the net loss for the second quarter of 2012 was $3.6 million. As of June 30, 2013, cash and cash equivalents totaled $33.7 million. The Company's net income applicable to common shareholders for the second quarter of 2013 was $1.4 million, which includes $5.5 million of income received in April 2013 related to a transaction as detailed below, or $0.10 per basic and diluted share, compared to a net loss applicable to common shareholders of $3.8 million or $0.45 per basic and diluted share for the second quarter of 2012.

"This quarter has been notable as we recorded a net income result, significantly strengthened our balance sheet and made progress in the clinic. We added approximately $24 million to our cash through an underwritten offering and the sale of four Cyclacel romidepsin-related patents. We have enrolled over 40% of the required patients in SEAMLESS, our pivotal, Phase 3 study of sapacitabine as frontline treatment in elderly patients with acute myeloid leukemia (AML)," said Spiro Rombotis, Cyclacel's President and Chief Executive Officer. "We have also signed an agreement with a contract research organization to expand SEAMLESS into Western Europe, which we anticipate will approximately double the number of enrolling sites. Following recent capital inflows, we expect our existing cash to fund us beyond the planned completion of the SEAMLESS study." 

"In other programs the updated survival data from our Phase 2 study of sapacitabine in older patients with myelodysplastic syndromes (MDS) after treatment failures of hypomethylating agents continue to be impressive and nearly doubled the expected median overall survival. We expect to report the final results from this study at an upcoming medical conference. We were also pleased to have our data from the ongoing Phase 1 study of the sequential administration of sapacitabine and seliciclib in patients with advanced solid tumors who carry BRCA mutations highlighted at an American Association of Cancer Research (AACR) press conference regarding major developments reported during the AACR Annual Meeting. In addition, dismissal of the litigation with Celgene will allow us to concentrate on the development of our pipeline. We look forward to reporting updated data from our other ongoing studies," added Mr. Rombotis.

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