Cyclacel Pharmaceuticals Announces Closing of Underwritten Offering

Cyclacel Pharmaceuticals Announces Closing of Underwritten Offering

BERKELEY HEIGHTS, N.J., May 21, 2013 (GLOBE NEWSWIRE) -- Cyclacel
Pharmaceuticals, Inc. (Nasdaq:CYCC) (Nasdaq:CYCCP) (Cyclacel or the Company),
today announced that it has closed its previously announced underwritten
offering of 6,833,334 shares of its common stock at a price to the public of
$3.00 per share (which includes 166,667 shares of common stock that were
issued pursuant to the underwriters' 30-day option to cover overallotments),
for gross proceeds of approximately $20.5 million.

The net proceeds, after underwriting discounts and commissions and other
estimated fees and expenses payable by the Company, are approximately $19.0
million. The Company intends to use the net proceeds from this offering to
complete the SEAMLESS pivotal Phase 3 trial of its most advanced product
candidate, sapacitabine, and general corporate purposes.

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

The securities described above were sold by Cyclacel pursuant to a shelf
registration statement previously filed with the Securities and Exchange
Commission (SEC) on April 8, 2013 and declared effective by the SEC on April
22, 2013. A prospectus supplement related to the offering dated May 16, 2013
is available on the SEC's website at The prospectus supplement
and accompanying prospectus may be obtained by sending a request to JMP
Securities LLC, 600 Montgomery Street, 10th Floor, San Francisco, California
94111, Attention: Prospectus Department, (415) 835-8985.

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 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
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,

Cyclacel Pharmaceuticals logo
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