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

Pharmaceuticals Reports SECOND Quarter 2020 Financial Results

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

Berkeley Heights, NJ, August 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 second quarter

2020 and business highlights, including an update on its progress with fadraciclib, Cyclacel's novel CDK2/9 inhibitor.

The Company's net loss applicable to

common shareholders for the three months ended June 30, 2020 was $2.2 million. As of June 30, 2020, cash and cash equivalents totaled

$25.3 million. Based on current spending, the Company estimates it has sufficient resources to fund planned operations, including

research and development, through the end of 2022.

"We believe fadraciclib is establishing

a leadership position among MCL1 suppressing compounds in development. Our recent, peer-reviewed publication elaborates the

mechanistic rationale for fadraciclib as an anti-cancer therapy signifying the benefits of inhibiting CDK2 and CDK9, two complementary

cancer pathways," said Spiro Rombotis, President and Chief Executive Officer. "We continue to be encouraged

by observations of deep partial response and prolonged stable disease with tumor shrinkage as an intravenously administered monotherapy

in patients with advanced solid tumors and antileukemic activity in combination with venetoclax. In

parallel with evaluating fadraciclib in certain leukemias, we are executing a precision medicine strategy to evaluate the compound

in patients with solid tumors with study enrollment expected to begin by the first quarter of 2021. As the global pandemic

continues to unfold, our priorities are to ensure patient and employee safety and support efforts to stem COVID-19 disease as part

of our corporate social responsibility. Despite the challenges we remain committed to our strategy of building an innovative pipeline

addressing the rising problem of cancer resistance and achieving our clinical milestones to drive shareholder value."

Key Corporate Highlights

More information on our clinical trials can be found here.

Key Business Objectives

Financial Highlights

As of June 30, 2020, cash and cash

equivalents totaled $25.3 million, compared to $11.9 million as of December 31, 2019. The increase of $13.4 million was primarily

due to net proceeds of $18.3 million from an equity financing in April 2020 and net cash used in operating activities of $4.7 million.

There were no revenues for each of the three months ended June 30, 2020 and 2019.

Research and development expenses were $1.2 million for each

of the three months ended June 30, 2020 and 2019. Research and development expenses relating to transcriptional regulation increased

by approximately $0.2 million for the three months ended June 30, 2020 as we continue to progress the clinical evaluation

General and administrative expenses

for the three months ended June 30, 2020 were $1.3 million, compared to $1.2 million for the same period of the previous year.

Total other income, net, for the three

months ended June 30, 2020 was $20,000, compared to $0.2 million for the same period of the previous year. The decrease of approximately

$0.2 million for the three months ended June 30, 2020 is primarily related to income received under an Asset Purchase Agreement

with Thermo Fisher Scientific Inc.

United Kingdom research & development

tax credits were $0.3 million for each of the three months ended June 30, 2020 and 2019.

Net loss for the three months ended

June 30, 2020 was $2.2 million compared to $1.8 million for the same period in 2019.

The Company estimates

that cash resources of $25.3 million as of June 30, 2020 will fund currently planned programs

Conference call information:

US/Canada call: (877) 493-9121 / international call: (973) 582-2750

US/Canada archive: (800) 585-8367 / international archive: (404)

Code for live and archived conference call is 2477369.

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 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

Copyright 2020 Cyclacel Pharmaceuticals, Inc. All Rights

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

CYCLACEL PHARMACEUTICALS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (LOSS)

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

CYCLACEL PHARMACEUTICALS, INC.

CONSOLIDATED BALANCE SHEET

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

liquidation preference amounts)

SOURCE: Cyclacel Pharmaceuticals, Inc.