Cyclacel makes $45M private placing

US firm Cyclacel Pharmaceuticals says that it has entered into a definitive agreement to raise approximately $45.3 million in a private placement of around 6.43 million units, each unit consisting of one share of common stock and a warrant to purchase 0.40 shares, at a purchase price of $7.05 per unit. The purchase price for the shares and the exercise price for the warrants, which have a seven-year term, will be $7.00 per share, the closing bid price for the company's on April 26, 2006. agent for the offering.

"The proceeds of the financing together with our current cash, cash equivalents and marketable securities should provide the financial resources to expand development activities with the company's three development-stage anticancer products, seliciclib, sapacitabine and CYC116. In addition, it will allow us to advance our preclinical drug pipeline developed from our research activities in cell cycle biology," said Spiro Rombotis, chief executive of Cyclacel.