Cyclacel Pharmaceuticals Announces $20 Million Underwritten Offering

Cyclacel Pharmaceuticals Announces $20 Million Underwritten Offering

BERKELEY HEIGHTS, N.J., May 16, 2013 (GLOBE NEWSWIRE) -- Cyclacel
Pharmaceuticals, Inc. (Nasdaq:CYCC) (Nasdaq:CYCCP) (Cyclacel or the Company),
today announced the pricing of the underwritten offering of 6,666,667 shares
of its common stock at a price to the public of $3.00 per share. Cyclacel has
granted the underwriters a 30-day option to purchase up to an aggregate of
166,667 shares of Common Stock to cover over-allotments, if any. All of the
shares of common stock in this offering are to be sold by Cyclacel. The common
stock offering is being conducted as a public offering by means of a
prospectus supplement. Cyclacel expects to receive gross proceeds of
approximately $20 million from this offering, excluding the underwriters'
over-allotment option and before deducting estimated expenses. The Company
intends to use the proceeds from this offering to complete the SEAMLESS
pivotal Phase 3 trial of its most advanced product candidate, sapacitabine,
and general corporate purposes. This offering is expected to close on May 21,
2013, subject to customary closing conditions.

JMP Securities LLC is acting as the sole book-running manager and Janney
Montgomery Scott LLC is acting as co-manager for this offering.

This offering is being made pursuant to an effective shelf registration
statement previously filed with the U.S. Securities and Exchange Commission
(the "SEC"). A preliminary prospectus supplement and accompanying prospectus
describing the terms of this offering will be filed with the SEC. Before
investing in this offering, interested parties should read in their entirety
the prospectus supplement and the accompanying prospectus and the other
documents that Cyclacel has filed with the SEC that are incorporated by
reference in such prospectus supplement and the accompanying prospectus, which
provide more information about Cyclacel and the offering.

This press release does not constitute an offer to sell or a solicitation of
an offer to buy, nor shall there be any sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
state or jurisdiction. Any offer, if at all, will be made only by means of a
prospectus supplement and accompanying prospectus forming a part of the
effective registration statement. Copies of the preliminary prospectus
supplement and accompanying prospectus relating to the offering may be
obtained, when available, from JMP Securities LLC, 600 Montgomery Street, 10th
Floor, San Francisco, California 94111, Attention: Prospectus Department,
(415) 835-8985.

Cyclacel intends to file a final prospectus supplement relating to this
offering with the SEC, which will be available along with the prospectus filed
with the SEC in connection with the shelf registration on the SEC's website at
www.sec.gov.

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 and in particular those carrying BRCA mutations. 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 information.

Forward-looking Statements

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 the Company's most recent
Annual Report on Form 10-K and other periodic and other filings Cyclacel files
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 Cyclacel assumes 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.

CONTACT: Cyclacel Pharmaceuticals, Inc.
         Investors/Media: Corey Sohmer, (908) 517-7330,
         csohmer@cyclacel.com

Cyclacel Pharmaceuticals logo
 
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