Benzinga | Mar 12, 2021 08:33AM EST

Cyclacel Pharmaceuticals Prices 1,807,143 Share Common Stock Offering At $7/Share

BERKELEY HEIGHTS, N.J., March 12, 2021 (GLOBE NEWSWIRE) -- Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC, NASDAQ:CYCCP, &quot, , Cyclacel&quot, , or the &quot, , Company&quot, , ))))), a biopharmaceutical company developing innovative medicines based on cancer cell biology, today announced the pricing of an underwritten public offering of 1,807,143 shares of its common stock, offered at a price of $7.00 to the public. Additionally, the Company has granted the underwriters a 30-day option to purchase up to an additional 271,071 shares of common stock at the public offering price, less underwriting discounts and commissions. All of the shares in the offering are being offered by the Company. The offering is expected to close on or about March 16, 2021, subject to customary closing conditions. The gross proceeds to the Company from this offering are expected to be approximately $12.65 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. This amount assumes no exercise of the underwriters' option.