Cyclacel Pharmaceuticals, Inc. CYCLACEL PHARMACEUTICALS REPORTS FOURTH QUARTER AND FULL YEAR 2014 FINANCIAL RESULTS - Conference Call Scheduled

CYCLACEL PHARMACEUTICALS REPORTS FOURTH

QUARTER AND FULL YEAR 2014 FINANCIAL RESULTS

- Conference Call Scheduled

March 24, 2015 at 4:30 p.m. EDT -

Berkeley Heights, NJ, March 24, 2015

- 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 its financial results and business highlights for the fourth quarter and full year ended December 31,

net loss applicable to common shareholders for the fourth quarter ended December 31, 2014 was $4.8 million, or $0.21 per basic

and diluted share, compared to net loss applicable to common shareholders of $3.6 million, or $0.20 per basic and diluted share

for the fourth quarter ended December 31, 2013. As of December 31, 2014, cash and cash equivalents totaled $24.2 million. Following

the Company's public offering of common stock in March, 2015, proforma cash and cash equivalents is approximately $34.6

"2014 was a defining year for Cyclacel

as we completed enrollment of our SEAMLESS study, one of the largest Phase 3 trials as front-line treatment of elderly patients

with acute myeloid leukemia (AML), and also completed Investigational New Drug (IND) -directed development of CYC065, a cyclin

dependent kinase (CDK) inhibitor, the area of research Cyclacel was founded to pursue," said Spiro Rombotis, President and

Chief Executive Officer of Cyclacel. "Although the SEAMLESS independent Data Safety Monitoring Board (DSMB) determined in

an interim analysis of approximately half of the required events that the futility boundary had been crossed, they saw no reason

for the trial to be discontinued and recommended recruited patients should stay on study. We will follow-up patients until the

prespecified number of events has been observed, which we expect to occur between the second half of 2015 and the first half of

2016. Subject to the outcome of SEAMLESS, we are preparing for potential regulatory submissions.

CYC065, our novel, second generation CDK2/9

inhibitor, has demonstrated therapeutic potential to treat acute leukemias and in particular those with rearrangements in the

mixed lineage leukemia (MLL) gene, as well as solid tumors, including certain subtypes of breast cancer. We believe that the pharmaceutical

industry has increased interest in CDK inhibitors following the recent first-in-class approval of palbociclib for metastatic breast

cancer. CYC065 targets with greater potency and improved properties the same CDK enzymes as our first generation CDK inhibitor,

seliciclib, which demonstrated signals of anticancer activity. We expect to file an IND application for CYC065 during the first

half of 2015 and begin Phase 1 trials shortly thereafter.

Including net proceeds from a recent financing,

we have sufficient cash resources to pursue both our sapacitabine and CYC065 programs for at least the next two years."

200 Connell Drive, Suite 1500, Berkeley Heights, New Jersey 07922, USA Tel +1 (908) 517 7330 Fax +1 866 271 3466

Dundee Technopole, James Lindsay Place, Dundee, DD1 5JJ, UK Tel +44 1382 206 062 Fax +44 1382 206 067

(2nd generation CDK inhibitor)

Cyclacel's Key Milestones for

(2nd generation CDK inhibitor)

(1st generation CDK inhibitor)

2014 Financial Results

Revenue for the three months ended December

31, 2014 was $0.2 million compared to $0.3 million for the same period of the previous year. The revenue is related to previously

awarded grants from the UK government being recognized over the period to progress CYC065, a CDK inhibitor, to IND and to complete

IND-directed preclinical development of CYC140, a novel, orally available, Polo-Like Kinase 1 (PLK 1) inhibitor.

Research and Development Expenses

Research and development expenses increased

to $4.4 million for the three months ended December 31, 2014 compared to $2.5 million for the same period in the previous year.

The increase was primarily due to increased study and product costs associated with the expansion of the SEAMLESS Phase 3 trial

into Europe as well as increased expenditures related to grant funded research and development.

General and Administrative Expenses

General and administrative expenses for

the three months ended December 31, 2014 decreased to $1.6 million compared to $1.8 million for the same period in 2013. The decrease

was primarily due to lower legal and professional fees during the three months ended December 31, 2014.

Based on current plans the Company estimates

that it has capital resources to reach beyond the final analysis of SEAMLESS and continue existing programs through 2017.

Conference call and Webcast Information:

Cyclacel will conduct a conference call

on March 24, 2015 at 4:30 p.m. EDT to review the fourth quarter and full year 2014 results. Conference call and webcast details

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 and Events 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, Inc.

biopharmaceutical company developing oral therapies that target the various phases of cell cycle control for the treatment of

cancer and other serious diseases. Sapacitabine, Cyclacel's most advanced product candidate, is the subject of SEAMLESS, a Phase

3 trial, which has completed enrollment and is being conducted

with the FDA as front-line treatment for acute myeloid leukemia (AML) in the elderly, and other indications including myelodysplastic

syndromes (MDS). Cyclacel's pipeline includes an oral regimen of seliciclib in combination with sapacitabine in a Phase 1 study

of patients with Homologous Recombination (HR) repair-deficient breast, ovarian and pancreatic cancers, including gBRCA positive

tumors, and CYC065, a novel CDK 2/9 inhibitor, with potential utility in both hematological malignancies and solid tumors. Cyclacel's

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

of novel drug candidates. Please visit www.cyclacel.com for more 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, 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.

Contacts for Cyclacel Pharmaceuticals,

Company: Paul McBarron, (908) 517-7330,

Investor Relations: Russo Partners LLC,

Robert Flamm, (212) 845-4226, robert.flamm@russopartnersllc.com

Pharmaceuticals, Inc.

CYCLACEL PHARMACEUTICALS, INC.