cyclacel pharmaceuticals inc (CYCC) Key Developments
Cyclacel Pharmaceuticals, Inc. Declares Quarterly Cash Dividend on Preferred Shares, Payable on May 1, 2015
Feb 20 15
On February 18, 2015, the Board of Directors of Cyclacel Pharmaceuticals, Inc. declared a quarterly cash dividend in the amount of $0.15 per share on the company's 6% convertible exchangeable preferred stock. The cash dividend will be payable on May 1, 2015 to the holders of record of the preferred stock as of the close of business on April 17, 2015.
Cyclacel Pharmaceuticals Receives Non-Compliance Notice From NASDAQ
Feb 6 15
On February 2, 2015, Cyclacel Pharmaceuticals, Inc. received a written notification from The NASDAQ Stock Market LLC (NASDAQ) indicating that the Company was not in compliance with NASDAQ Listing Rule 5450(a)(1) because the minimum bid price of the Company's shares of common stock was below $1.00 per share for the previous 30 consecutive business days. Pursuant to the NASDAQ Listing Rule 5810(c)(3)(A), the Company has been granted a 180-calendar day compliance period, or until August 3, 2015, to regain compliance with the minimum bid price requirement. During the compliance period, the Company's shares of common stock will continue to be listed and traded on The NASDAQ Global Market. To regain compliance, the closing bid price of the Company's shares of common stock must meet or exceed $1.00 per share for at least ten consecutive business days during this 180-day grace period. If the Company is not in compliance by August 3, 2015, the Company may be afforded a second 180-calendar day grace period if it transfers the listing of its shares of common stock to The NASDAQ Capital Market. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The NASDAQ Capital Market, except for the minimum bid price. In addition, the Company would be required to notify NASDAQ of its intent to cure the minimum bid price deficiency by effecting a reverse stock split, if necessary. If the Company does not regain compliance within the allotted compliance period(s), including any extensions that may be granted by NASDAQ, NASDAQ will provide notice that the Company's shares of common stock will be subject to delisting. The Company would then be entitled to appeal NASDAQ's determination to a NASDAQ Hearings Panel and request a hearing. The Company intends to consider available options to resolve the noncompliance with the minimum bid price requirement. No determination regarding the Company's response has been made at this time. There can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or will otherwise be in compliance with other NASDAQ listing criteria.
Cyclacel Pharmaceuticals, Inc. Presents at 7th annual Biotech Showcase Conference 2015, Jan-12-2015 03:30 PM
Dec 18 14
Cyclacel Pharmaceuticals, Inc. Presents at 7th annual Biotech Showcase Conference 2015, Jan-12-2015 03:30 PM. Venue: Parc 55 Wyndham San, Francisco - Union Square, San Francisco, CA 94102, United States. Speakers: Spiro Rombotis, Chief Executive Officer, President and Executive Director.
Cyclacel Pharmaceuticals, Inc. - Special Call
Dec 16 14
to discuss the company's plans with regard to SEAMLESS
Cyclacel Pharmaceuticals, Inc. Announces Enrollment of 486 Patients Continuation to Final Analysis and Recommendations of the Independent Data and Safety Monitoring Board of Phase 3 SEAMLESS Study
Dec 16 14
Cyclacel Pharmaceuticals, Inc. announced enrollment of 486 patients, continuation to final analysis and recommendations of the independent Data and Safety Monitoring Board (DSMB) of the Company's Phase 3 SEAMLESS study of oral sapacitabine capsules in acute myeloid leukemia (AML). All patients will continue to be followed up until mature data become available for final analysis. The DSMB conducted its planned interim analysis for futility after 247 events and the final safety review of 470 randomized patients. The DSMB found no safety concerns. However, the planned futility boundary has been crossed and the DSMB determined that based on available interim data, it would be unlikely for the study to reach statistically significant improvement in survival. The DSMB saw no reasons why patients should discontinue treatment on their assigned arm and recommended that recruited patients stay on treatment. The interim analysis for futility is primarily driven by the deaths within the first 6 months of patients entering into the trial. Of 247 deaths in SEAMLESS, 173 (70%) have occurred in the first 6 months. This means that the survival curves beyond 6 months are poorly estimated at this time. Furthermore, follow up of European patients is significantly shorter than that of US patients due to the fact that the study opened for European accrual in April 2014. It is important to have complete follow up of all patients to ensure that a potential treatment effect beyond 6 months is not missed. The Company remains blinded and in accordance with the DSMB's recommendations, will follow-up patients as per the study protocol until the prespecified 424 events have been observed. This is estimated to occur between the second half of 2015 and the first half of 2016. The Company has adequate financial resources to reach beyond the later time point in this estimate.Â Depending on the results from the final data, the Company may meet with regulatory authorities in Europe and the U.S. to discuss registration submissions for sapacitabine in this indication.Â The Company wishes to draw investors' attention to the precedent of decitabine's European approval in AML in a similar population based on a Phase 3 study which did not reach statistical significance comparing intravenous decitabine with intravenous chemotherapy.