Cyclacel Announces Sale of Four Cyclacel Romidepsin-Related Patents to Celgene
and Dismissal of All Claims in Their Patent Litigation
BERKELEY HEIGHTS, N.J., April 4, 2013 (GLOBE NEWSWIRE) -- Cyclacel
Pharmaceuticals, Inc. (Nasdaq:CYCC) (Nasdaq:CYCCP) ("Cyclacel" or the
"Company") announced that it has entered into a definitive agreement with
Celgene Corporation ("Celgene") to sell to Celgene four Cyclacel‐owned patents
related to the use of romidepsin injection. In connection with the agreement
Celgene has made to Cyclacel a one‐time payment of $5.5 million.
As a result, the litigation between Cyclacel and Celgene in the United States
District Court for the District of Delaware, case number 1:10‐cv‐00348‐GMS, is
moot. Cyclacel and Celgene have filed a joint stipulation and order for
dismissal requesting the Court to enter an order dismissing the litigation.
"We are pleased to enter into this agreement with Celgene," said Spiro
Rombotis, Cyclacel's President and Chief Executive Officer. "The dismissal of
the litigation will allow Cyclacel to concentrate on the development of our
pipeline to benefit the patients we serve."
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. 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
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 our most recent Annual Report
on Form 10‐K and other periodic and other filings we file 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 we assume 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.
ISTODAX® is a registered trademark of Celgene Corporation.
CONTACT: Investors/Media: Corey Sohmer,
(908) 517-7330, email@example.com
Cyclacel Pharmaceuticals logo
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