Cyclacel Pharmaceuticals, Inc. Cyclacel Pharmaceuticals Reports FIRST Quarter 2018 Financial Results -- Conference Call Scheduled

Pharmaceuticals Reports FIRST Quarter 2018 Financial Results

Call Scheduled May 14, 2018 at 4:30 p.m. EDT -

Berkeley Heights, NJ, May 14, 2018

- Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; "Cyclacel" or the "Company"), a biopharmaceutical

company developing oral therapies that target the various phases of cell cycle control for the treatment of cancer and other serious

disorders, today reported financial results and business highlights for the first quarter 2018.

The Company's net loss applicable to

common shareholders for the three months ended March 31, 2018 was $1.4 million. As of March 31, 2018, cash and cash equivalents

totaled $21.7 million.

"Two presentations at the recent American Association

for Cancer Research Annual Meeting highlighted CYC065, our lead CDK inhibitor drug candidate, confirming a strong rationale for

advancing its clinical development in certain liquid and solid cancers," said Spiro Rombotis, President and Chief Executive

Officer of Cyclacel. "The oral presentation confirmed proof of mechanism in patients with advanced solid tumors. Durable

suppression of Mcl-1 in 11 of 13 patients was demonstrated for the first time in the literature after a single dose at the recommended

Phase 2 level. In addition, anticancer activity was observed in patients with MYC amplified tumors, confirming the promise of a

CDK inhibition strategy against this very difficult to treat tumor type. The poster presentation demonstrated preclinical synergy

of CYC065 with venetoclax, supporting the Company's plans to pursue a venetoclax combination study in patients with relapsed/refractory

chronic lymphocytic leukemia, or CLL. We have also achieved another important objective by submitting an IND for CYC140, an internally-discovered,

novel inhibitor of Polo-like-kinase 1, or PLK1."

200 Connell Drive, Suite 1500, Berkeley Heights, NJ 07922, USA Tel +1

908 517 7330 Fax +1 866 271 3466

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2018 Key Upcoming Business Objectives

Financial Highlights

As of March 31, 2018, cash and cash

equivalents totaled $21.7 million, compared to $23.9 million as of December 31, 2017. The decrease of $2.2 million was primarily

due to net cash used in operating activities.

Research and development expenses were

$0.8 million for the three months ended March 31, 2018 as compared to $1.3 million for the same period in 2017. The decrease was

primarily due to reduced study and related costs associated with completion of the SEAMLESS study.

General and administrative expenses were

$1.4 million for each of the three months ended March 31, 2018 and 2017.

Other income, net for the three months

ended March 31, 2018 was $0.6 million compared to $0.8 million for the same period of the previous year. The decrease is primarily

related to income received under an Asset Purchase Agreement with ThermoFisher Scientific Company, or TSC, (formerly Invitrogen

Corporation), in respect of certain assets and intellectual property related to chimeric antigen receptor-T cell (CAR-T) manufacturing

technology sold by the Company to TSC in December 2005.

The United Kingdom research and tax

credits were $0.2 million for the three months ended March 31, 2018 compared to $0.3 million for the same period in 2017.

Net loss for the three months ended March 31, 2018 was $1.3

million compared to $1.6 million for the same period in 2017.

Conference call information:

US/Canada call: (877) 493-9121 / international

call: (973) 582-2750

US/Canada archive: (800) 585-8367 /

international archive: (404) 537-3406

Code for live and archived conference

For the live and archived webcast,

please visit the Corporate Presentations page on the Cyclacel website at www.cyclacel.com. The webcast will be archived for 90

days and the audio replay for 7 days.

About Cyclacel Pharmaceuticals,

Cyclacel Pharmaceuticals is a clinical-stage biopharmaceutical

company using cell cycle, transcriptional regulation and DNA damage response biology to develop innovative, targeted medicines

for cancer and other proliferative diseases. Cyclacel's transcriptional regulation program is evaluating CYC065, a CDK inhibitor,

in patients with advanced cancers. The DNA damage response program is evaluating a sequential regimen of sapacitabine and seliciclib,

a CDK inhibitor, in BRCA positive patients with advanced solid cancers. Cyclacel's strategy is to build a diversified biopharmaceutical

business focused in hematology and oncology based on a pipeline of novel drug candidates. For additional information, please visit

Forward-looking Statements

This news release contains certain

forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from

historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements

include statements regarding, among other things, the efficacy, safety and intended utilization of Cyclacel's product candidates,

the conduct and results of future clinical trials, plans regarding regulatory filings, future research and clinical trials and

plans regarding partnering activities. Factors that may cause actual results to differ materially include the risk that product

candidates that appeared promising in early research and clinical trials do not demonstrate safety and/or efficacy in larger-scale

or later clinical trials, trials may have difficulty enrolling, Cyclacel may not obtain approval to market its product candidates,

the risks associated with reliance on outside financing to meet capital requirements, and the risks associated with reliance on

collaborative partners for further clinical trials, development and commercialization of product candidates. You are urged to consider

statements that include the words "may," "will," "would," "could," "should,"

"believes," "estimates," "projects," "potential," "expects," "plans,"

"anticipates," "intends," "continues," "forecast," "designed," "goal,"

or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description

of the risks and uncertainties the Company faces, please refer to our most recent Annual Report on Form 10-K and other periodic

and other filings we file with the Securities and Exchange Commission and are available at www.sec.gov.

Such forward-looking statements are current only as of the date they are made, and we assume no obligation to update any forward-looking

statements, whether as a result of new information, future events or otherwise.

Copyright 2018 Cyclacel Pharmaceuticals, Inc. All Rights

Reserved. The Cyclacel logo and Cyclacel are trademarks of Cyclacel Pharmaceuticals, Inc.

CYCLACEL PHARMACEUTICALS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In $000s, except share and per share amounts)

CYCLACEL PHARMACEUTICALS, INC.

CONSOLIDATED BALANCE SHEET

(In $000s, except share, per share, and

liquidation preference amounts)

Pharmaceuticals, Inc.