Cyclacel Pharmaceuticals established following Cyclacel, Xcyte combination

By Elaine Rigoli

Tampa, Fla., March 28 - Cyclacel Group plc and Xcyte Therapies, Inc. have completed their previously announced combination, and in connection with the closing, the previously announced one-for-10 reverse stock split was completed before the opening of the market on Monday.

The combined company was renamed Cyclacel Pharmaceuticals Inc., according to a news release.

Currently the company has two drugs, seliciclib (CYC202) and sapacitabine (CYC682), in clinical trials for the treatment of cancer, a third compound in late preclinical development, a large pipeline of development candidates and a productive drug-discovery engine, the release said.

The new company has about 9.7 million common shares following the reverse stock split and about 2 million preferred shares outstanding, which would be equivalent to 0.9 million shares of common stock if converted.

Cyclacel has about $30 million in cash and marketable securities.

Cyclacel common stock began trading on the Nasdaq under the ticker symbol "CYCC" on Monday. Cyclacel preferred stock is expected to begin trading on the Nasdaq under the ticker symbol "CYCCP."

Cyclacel said its strategy is to build an oncology franchise, both through organic growth and through selective partnerships.

Cyclacel's research and development alliance partners include Altana, Genzyme and Sankyo. Cyclacel raised approximately $114 million from a large number of global institutional investors, the release said.

Short Hills, N.J.-based Cyclacel is a clinical-stage biopharmaceutical company.

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