Cyclacel Pharmaceuticals, Inc. Cyclacel Pharmaceuticals Reports FIRST Quarter 2019 Financial Results - Conference Call Scheduled

Pharmaceuticals Reports FIRST Quarter 2019 Financial Results

Call Scheduled May 14, 2019 at 4:30 p.m. ET -

Berkeley Heights, NJ, May 14, 2019

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

company developing innovative medicines based on cancer cell biology, today reported financial results and business highlights

for the first quarter 2019. The Company's net loss applicable to common shareholders for the three months ended March 31, 2019

was $1.9 million. As of March 31, 2019 cash and cash equivalents totaled $17.9 million.

"We continue to execute on our strategy to develop innovative

therapies to overcome cancer resistance mechanisms through combinations of our candidates with approved drugs," said Spiro

Rombotis, President and Chief Executive Officer of Cyclacel. "Two Phase 1, dose escalation studies evaluating CYC065 in combination

with venetoclax in patients with relapsed/refractory CLL and CYC140 as single agent in a first-in-human trial are open for accrual

and patients have been dosed on both studies. Two additional studies evaluating combinations of CYC065 and sapacitabine with venetoclax

are under review by institutional review boards. The Phase 1 study of single agent CYC065 has been amended to evaluate an oral

form of CYC065. We are pleased to report that the first two patients with BRCA mutant breast cancer treated in the IST evaluating

sapacitabine and olaparib have achieved tumor shrinkage. During the quarter, we also extended our projected cash runway to the

end of 2020 through our ATM equity sales agreement."

Key Company Highlights

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

908 517 7330 Fax +1 866 271 3466

1 James Lindsay Place, Dundee, DD1 5JJ, UK Tel +44 1382 206 062 Fax +44

Key Upcoming Business Objectives

Financial Highlights

As of March 31, 2019, cash and cash

equivalents totaled $17.9 million compared to $17.5 million as of December 31, 2018. The increase of $0.4 million in the three

months was primarily due to net proceeds from a Common Stock Sales Agreement with H.C. Wainwright of $4.1m, offset by net cash

used in operating activities of $3.7 million. The Sales Agreement was concluded in the first quarter 2019.

Research and development expenses were

$1.0 million for the three months ended March 31, 2019 compared to $0.8 million for the same period in 2018.

General and administrative expenses were

$1.2 million for the three months ended March 31, 2019 compared to $1.4 million for the same period in 2018.

Other income, net for the three months

ended March 31, 2019 was $0.1 million compared to $0.6 million for the same period of the previous year.

The United Kingdom R&D and tax

credit was $0.3 million for the three months ended March 31, 2019 compared to $0.2 million for the same period in 2018.

Net loss for the three months ended March 31, 2019 was $1.8

million compared to $1.3 million for the same period in 2018. With the projected cash-sparing benefits accruing from the MD Anderson

alliance the Company believes that cash and marketable securities, which were approximately $17.9 million as of March 31, 2019,

will be sufficient to finance operations through the end of 2020.

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 its expertise in cell cycle, transcriptional regulation and DNA damage response

biology in cancer cells to develop innovative medicines. The transcriptional regulation program is evaluating CYC065, a CDK inhibitor,

in patients with advanced solid cancers and in combination with venetoclax in patients with advanced hematological malignancies,

including CLL and AML. 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 and a concomitant regimen of sapacitabine and olaparib, a PARP

inhibitor, in BRCA positive patients with breast cancer. CYC140, a PLK inhibitor, is in a Phase 1 first-in-human study in patients

with advanced leukemias. 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 www.cyclacel.com.

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 2019 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.