Cyclacel Pharmaceuticals, Inc. CYCLACEL PHARMACEUTICALS REPORTS THIRD QUARTER 2010

CYCLACEL PHARMACEUTICALS REPORTS THIRD QUARTER 2010 FINANCIAL RESULTS

BERKELEY HEIGHTS, NJ November 11, 2010 Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ:

CYCCP), a biopharmaceutical company developing oral therapies that target the various phases of

cell cycle control for the treatment of cancer and other serious diseases, today reported its

financial results and business highlights for the third quarter of 2010.

Cyclacel reported a net loss applicable to common shareholders of $4.0 million, or $0.11 per share

for the third quarter of 2010, compared to a net loss applicable to common shareholders of $3.4

million, or $0.15 per share, for the same period in 2009. For the nine months ended September 30,

2010, Cyclacel reported a net loss applicable to common shareholders of $16.3 million, or $0.47 per

share, compared to a net loss applicable to common shareholders of $16.2 million, or $0.76 per

share in the same period in 2009.

During the quarter we have made important progress with regard to advancing sapacitabine oral

capsules into late stage development. We have reached agreement with the FDA regarding a Special

Protocol Assessment (SPA) on the design of SEAMLESS , our planned, pivotal Phase 3 trial in acute

myeloid leukemia (AML), said Spiro Rombotis, President and Chief Executive Officer of Cyclacel.

We have started to recruit clinical study sites and are pleased to learn that the key features of

the Phase 3 study design are acceptable to AML investigators. In addition we have bolstered our

balance sheet and continued to develop sapacitabine in patients with myelodysplastic syndromes

(MDS) and non-small cell lung cancer (NSCLC). We will be presenting Phase 2 MDS survival data at

the annual meeting of the American Society of Hematology in December 2010.

Cyclacel s product revenues were comprised of sales of Xclair Cream for radiation dermatitis and

Numoisyn Liquid and Numoisyn Lozenges for xerostomia. Product revenues for the quarter and nine

months ended September 30, 2010 were $0.2 million and $0.4 million, respectively, compared to $0.2

million and $0.7 million, respectively, for the same periods in 2009. The decrease in product

revenue for nine months ended September 30, 2010 was due to higher than anticipated product returns

of approximately $0.2 million, related to expiring product with a two-year shelf-life previously

sold into the marketplace. Since the first quarter of 2010, our manufacturer has increased shelf

life of certain of our products to three years.

Total operating expenses for the quarter ended September 30, 2010 increased to $4.2 million

compared to $3.7 million for the same period in 2009. For the nine months ended September 30,

2010, total operating expenses decreased to $13.4 million compared to $14.7 million for the same

Research and Development Expenses

Cyclacel s research and development expenses for the third quarter of 2010 increased to $1.5

million as compared to $1.4 million for the same period in 2009. For the nine months ended

September 30, 2010 research and development expenses were $5.0 million as compared to $7.2 million

for the same period in 2009. The $2.2 million decrease in research and development expenses was

primarily associated with the Company s lower cost base following headcount reductions in 2008 and

2009 and the concentration of resources on sapacitabine, Cyclacel s lead drug candidate.

Selling, General and Administrative Expenses

Total selling, general and administrative expenses for the third quarter of 2010 increased to $2.6

million as compared to $2.2 million for the third quarter of 2009. For the nine months ended

September 30, 2010 total selling, general and administrative expenses were $8.1 million versus $6.7

million for the same period in 2009. The increase in selling, general and administrative expenses

was primarily due to increased spending on professional and consultancy costs.

Cash and Cash Equivalents

As of September 30, 2010, Cyclacel s cash and cash equivalents were $18.5 million compared to $11.5

million as of December 31, 2009. The Company s cash and cash equivalents does not include $14.1

million in net proceeds from the private placement completed in October 2010.

Conference call and Webcast Information:

Cyclacel management will review third quarter 2010 financial and business highlights on a

conference call scheduled for today at 4:30 p.m. Eastern. Conference call and webcast details are

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

US/Canada archive: (800) 642-1687 / international archive: (706) 645-9291

Code for live and archived conference call is 22901304.

Webcast: 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

About Cyclacel Pharmaceuticals, Inc.

Cyclacel is a biopharmaceutical company developing oral therapies that target the various phases of

cell cycle control for the treatment of cancer and other serious diseases. Three product

candidates are in clinical development. Sapacitabine (CYC682), a cell cycle modulating nucleoside

analog, will be entering Phase 3 development for the treatment of Acute Myeloid Leukemia in the

elderly under a Special Protocol Assessment agreement with the U.S. Food and Drug Administration,

and is in Phase 2 studies for myelodysplastic syndromes and lung cancer. Seliciclib (CYC202 or

R-roscovitine), a CDK (cyclin dependent kinase) inhibitor, is in Phase 2 studies for the treatment

of lung cancer and nasopharyngeal cancer and in a Phase 1 trial in combination with sapacitabine.

CYC116, an Aurora kinase and VEGFR2 inhibitor, is in a Phase 1 trial in patients with solid tumors.

Cyclacel s ALIGN Pharmaceuticals subsidiary markets directly in the U.S. Xclair Cream for

radiation dermatitis, Numoisyn Liquid and Numoisyn Lozenges for xerostomia. Cyclacel s strategy

is to build a diversified biopharmaceutical business focused in hematology and oncology based on a

portfolio of commercial products and a development pipeline of novel drug candidates. Please visit

www.cyclacel.com for additional information.

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, the risk that Cyclacel

will not obtain approval to market its products, 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 current filings that have been filed 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.

Contact for Cyclacel Pharmaceuticals, Inc.

Corey Sohmer, (908) 517-7330

CYCLACEL PHARMACEUTICALS, INC.

(A Development Stage Company)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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