Cyclacel Pharmaceuticals, Inc. Cyclacel Pharmaceuticals Reports FIRST Quarter 2020 Financial Results - Conference Call Scheduled

Pharmaceuticals Reports FIRST Quarter 2020 Financial Results

Conference Call Scheduled May 12, 2020 at 4:30 p.m. ET -

Following Recent Financing Cash Runway to End of 2022 -

Heights, NJ, May 12, 2020 - Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; "Cyclacel" or the "Company"),

a biopharmaceutical company developing innovative medicines based on cancer cell biology, today reported its financial results

for the first quarter 2020 and business highlights, including an update on its progress with fadraciclib, Cyclacel's novel CDK

inhibitor. The Company's net loss applicable to common shareholders for the three months ended March 31, 2020 was $1.3 million.

As of March 31, 2020, cash and cash equivalents totaled $8.9 million. Following net proceeds of $18.4 million from an equity financing

in April 2020, pro forma cash and cash equivalents total $27.3 million. Based on current spending, the Company estimates it has

sufficient resources to fund planned operations, including research and development, to the end of 2022.

global pandemic is creating uncertainty in every business sector and it is clear that we need novel, science-based solutions to

emerge from the crisis," said Spiro Rombotis, President and Chief Executive Officer. "While our priorities are ensuring

patient safety and addressing our social responsibility, we remain committed to our business strategy of building an innovative

pipeline addressing the rising problem of cancer resistance. Fadraciclib is establishing a leadership position among MCL1 suppressing

compounds in clinical development. We are encouraged by observations of deep response and prolonged stable disease with tumor

shrinkage in both intravenous schedules tested this far. Importantly, initial clinical data with oral fadraciclib show concordance

with intravenous pharmacokinetics. After strengthening our balance sheet, we will now turn our attention to executing a precision

medicine strategy to evaluate fadraciclib in patients with solid tumors and achieve our other clinical milestones through late

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 1382 206 067

More information on our clinical

trials can be found at www.clinicaltrials.gov.

Key Business Objectives

Financial Highlights

31, 2020, cash and cash equivalents totaled $8.9 million, compared to $11.9 million as of December 31, 2019. The decrease of $3.0

million was primarily due to net cash used in operating activities of $2.8 million and $0.1 million of net cash used in financing

activities. There were no revenues for each of the three months ended March 31, 2020 and 2019.

Research and development expenses

were $1.1 million for the three months ended March 31, 2020 as compared to $1.0 million for the same period in 2019. Research

and development expenses relating to transcriptional regulation increased by almost $0.3 million for the three months ended

March 31, 2020 as we continue to progress the clinical evaluation of fadraciclib.

and administrative expenses for the three months ended March 31, 2020 were $1.3 million, compared to $1.2 million for the same

period of the previous year.

income, net, for the three months ended March 31, 2020 was $0.9 million, compared to $0.1 million for the same period of the previous

year. The increase of $0.8 million for the three months ended March 31, 2020 is primarily related to income received under an

Asset Purchase Agreement with Thermo Fisher Scientific Inc.

Kingdom research & development tax credits were $0.3 million for each of the three months ended March 31, 2020 and 2019.

for the three months ended March 31, 2020 was $1.2 million, compared to $1.8 million for the same period in 2019.

raised net proceeds of approximately $18.4 million from an equity financing in April 2020.

estimates that cash resources of $8.9 million as of March 31, 2020 together with the $18.4 million net proceeds from the April

2020 financing will fund currently planned programs through 2022.

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

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 developing innovative cancer medicines based on cell cycle, transcriptional regulation and DNA damage

response biology. The transcriptional regulation program is evaluating fadraciclib as a single agent in solid tumors and in combination

with venetoclax in patients with relapsed or refractory AML/MDS and CLL. The DNA damage response program is evaluating an oral

combination of sapacitabine and venetoclax in patients with relapsed or refractory AML/MDS. An investigator-sponsored trial (IST)

is evaluating an oral combination of sapacitabine and olaparib in patients with BRCA mutant breast cancer. The anti-mitotic program

is evaluating CYC140, a PLK1 inhibitor, in advanced leukemias/MDS patients. 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

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.

Paul McBarron, (908) 517-7330, pmcbarron@cyclacel.com

Investor Relations: Russo

Partners LLC, Jan Medina, (646) 942-5632, Jan.Medina@russopartnersllc.com

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