Cyclacel Pharmaceuticals Announces Exercise of Warrants for $2.1 Million Gross Proceeds

Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC) disclosed in a recent filing on November 13, 2024, that the company entered into a letter agreement with a holder to exercise its Series B Warrants to purchase approximately 4,968,945 shares of common stock. The holder was provided with an opportunity to exercise all prior warrants at a reduced price of $0.415 per share, subject to certain conditions, with the exercise period ending at 12:30 P.M. Eastern Time on the agreement date.

As part of the agreement, the company issued new unregistered Series C and Series D Warrants to the holder, allowing for the purchase of up to 9,937,890 shares of common stock. These new warrants are exercisable under specific terms post-stockholder approval, with each warrant having an exercise price of $0.415 per share.

Cyclacel Pharmaceuticals is committed to filing a registration statement for the resale of the new warrant shares post-issuance, ensuring compliance with regulatory standards. The exercise of the prior warrants resulted in gross proceeds of approximately $2.1 million, with net proceeds intended for the company’s working capital and general corporate purposes. The offering officially closed on November 14, 2024.

H.C. Wainwright & Co., LLC acted as the exclusive placement agent for the transaction, receiving a cash fee and warrants as part of the compensation agreement. The new warrants and shares issued were not registered under the Securities Act, conducted under specific exemptions, and require due compliance with registration regulations for resale.

Further details regarding this transaction, including the Series C and Series D Warrants, Placement Agent Warrants, and the Warrant Exercise and Reload Agreement, are available in the company’s filing with the SEC.

The press release issued by Cyclacel Pharmaceuticals regarding the closing of the offering has been included as Exhibit 99.1 in the 8-K filing, providing additional insight into the company’s financial activities and strategic initiatives. Interested parties are advised to refer to the complete filing for a comprehensive understanding of the subject matter.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Cyclacel Pharmaceuticals’s 8K filing here.

About Cyclacel Pharmaceuticals

Cyclacel Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops medicines for the treatment of cancer and other proliferative diseases in the United States, the United Kingdom, and internationally. The company's lead product includes fadraciclib, a cyclin dependent kinase Inhibitors (CDK) that is in Phase 1/2 clinical trial for the treatment of solid tumors and hematological malignancies, as well as in combination with venetoclax to treat relapsed or refractory chronic lymphocytic leukemia; and Plogosertib, a polo-like kinase inhibitor program, which is in Phase 1/2 clinical trial for the treatment of advanced solid tumors and hematological malignancies.