Cyclacel Pharmaceuticals Announces $1 Million Private Placement Offering of Convertible Preferred Stock
Cyclacel Pharmaceuticals, Inc. (CYCC)
Last cyclacel pharmaceuticals, inc. earnings: 2/26 04:05 pm
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US:NASDAQ Investor Relations:
investor.cyclacel.com/investor-relations
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Source: GlobeNewswire
KUALA LUMPUR, Malaysia, March 24, 2025 (GLOBE NEWSWIRE) -- Cyclacel Pharmaceuticals, Inc. ("Cyclacel") (NASDAQ: CYCC, NASDAQ: CYCCP), a biopharmaceutical company that develops innovative cancer medicine, today announced that it has entered into a securities purchase agreement for the sale of its convertible Series E Preferred Stock (“Preferred Stock”) in a private placement to certain accredited investors yielding gross proceeds of $1.0 million before deducting offering expenses. The offering closed on March 21, 2025. The net proceeds of the offering shall be used for working capital and general corporate purposes. Based on its current operating assumptions, Cyclacel expects this financing, together with Cyclacel's cash on hand, will extend its cash runway into third quarter 2025. Each share of Preferred Stock is convertible into 110 shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), which Preferred Stock may not be converted without Cyclacel’s stoc
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