Cyclacel Pharma Prices Public Offering Of 2.86 Mln Shares At $3.50 Per Share

(RTTNews) - Cyclacel Pharmaceuticals Inc. (CYCC, CYCCP) announced the pricing of an underwritten public offering of 2.86 million shares of its common stock to institutional and other investors at a price to the public of $3.50 per share.

In connection with the offering, Cyclacel has granted the underwriters a 30-day option to purchase up to an additional 428,571 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.

Cyclacel expects to receive gross proceeds of approximately $10 million from this offering, excluding the underwriters' over-allotment option and before deducting underwriting discounts and commissions and other estimated offering expenses.

The company intends to use the proceeds from this offering for the continued development of its most advanced product candidate, sapacitabine, in a randomized study of patients with myelodysplastic syndromes (MDS) and general corporate purposes. This offering is expected to close on April 9, 2014, subject to customary closing conditions.