January 13, 2010, 2010 (FinancialWire) — Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC) (NASDAQ: CYCCP) has entered into definitive agreements to raise $7.2 million in gross proceeds, before deducting placement agent fees and other estimated offering expenses, and up to an additional $2.3 million, in a registered direct offering with select institutional investors.

“The proceeds of the financing together with our current cash, cash equivalents and marketable securities should provide the financial resources to continue clinical development of sapacitabine and seliciclib, the company’s lead drugs. We will be submitting a Special Protocol Assessment request for a pivotal study of sapacitabine in patients with hematological malignancies during the first quarter of 2010,” said Spiro Rombotis, president and CEO of Cyclacel.

The offering includes the sale and issuance of 2.85 million units, each unit consisting of one share of the company’s common stock and a cash warrant to purchase 0.25 shares of common stock, at a purchase price of $2.51 per unit. The warrants, which represent the right to acquire an aggregate of 712,500 shares of common stock at an exercise price of $3.26 per share, have a five-year term from the date of issuance and are exercisable beginning six months after the date of issuance. The units were offered and sold pursuant to a prospectus supplement dated January 11, 2010 and an accompanying prospectus dated February 12, 2007, pursuant to the company’s effective shelf registration statement previously filed with the Securities and Exchange Commission.

Roth Capital Partners, LLC served as the sole placement agent for the offering. Merriman Curhan Ford & Co. served as financial advisor. The sale is expected to close on or about January 13, 2010.

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