Cyclacel Pharmaceuticals, Inc. Cyclacel Pharmaceuticals Reports FOURTH QUARTER AND FULL YEAR 2021 FINANCIAL RESULTS -Initial Data from Phase 1/2 Study of Oral Fadraciclib in Solid Tumors Expected in First Half of 2022 -

Pharmaceuticals Reports FOURTH QUARTER AND FULL YEAR 2021 FINANCIAL RESULTS

Data from Phase 1/2 Study of Oral Fadraciclib in Solid Tumors Expected in First Half of 2022 -

Call Scheduled for March 28, 2022, at 4:30 p.m. EDT-

BERKELEY HEIGHTS, NJ, March 28, 2022 - 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 and business highlights for the fourth quarter

and full year ended December 31, 2021.

"2021 was a year of solid execution,

as the clinical and corporate objectives achieved by the Cyclacel team have positioned us to reach important milestones in 2022. These

include initial data from the dose escalation stage of the ongoing Phase 1/2 study of fadraciclib,

our CDK2/9 inhibitor, in advanced solid tumors", said Spiro Rombotis, President and Chief Executive Officer. "Enrollment has

gone well with three new patients treated at dose level 4 at our two U.S. sites and two internationally recognized,

cancer centers in Asia and Western Europe who recently joined the study. In 2022 we plan to report new clinical and preclinical

evidence supporting the unique properties and therapeutic potential of fadraciclib. We believe that fadraciclib is emerging as the only

transcriptional CDK inhibitor in development to have demonstrated single-agent activity and tolerable daily dosing by mouth in patients

with solid tumors. If confirmed with additional data, fadraciclib may emerge as an important alternative for the treatment of advanced

solid tumors in patients failing available therapies.

In addition, we expect imminent dosing

of the first patient with oral CYC140, our novel, PLK1 inhibitor, in a Phase 1/2 study in advanced solid tumors. We are also enrolling

patients with hematological malignancies in the dose escalation stage of a Phase

1/2 study of oral fadraciclib. We look forward to providing updates and further clinical and preclinical data from our ongoing

programs as they become available."

More information on our clinical trials can be found here.

Key Business Objectives for 2022

Financial Highlights

As of December 31, 2021,

cash and cash equivalents totaled $36.6 million, compared to $33.4 million as of December 31, 2020. The increase of $3.2 million was primarily

due to $21.7 million cash provided by financing activities, offset by $18.5 million net cash used in operating activities. The Company

estimates that available cash resources will fund currently planned programs through mid-2023.

Research and development (R&D) expenses were

$4.6 million and $15.5 million for the three months and year ended December 31, 2021, as compared to $1.4 million and $4.8 million for

the same periods in 2020. R&D expenses relating to fadraciclib were $3.4 million and $11.1 million for the three months and year ended

December 31, 2021, as compared to $1.1 million and $3.7 million for the same periods in 2020 due to clinical trial expenses for the evaluation

of fadraciclib in Phase 1/2 studies and clinical supply manufacturing. Additionally, R&D expenses related to CYC140 were $1.1 million

and $3.6 million for the three months and year ended December 31, 2021, as compared to $0.2 million and $0.6 million for the same periods

in 2020 as preclinical evaluation and clinical trial supply manufacturing of CYC140 progressed.

General and administrative (G&A) expenses for

the three months and year ended December 31, 2021, were $1.9 million and $7.5 million, compared to $1.8 million and $5.9 million for the

same periods of the previous year due to increased legal and professional and personnel costs and a lease assignment. G&A expenses

included non-cash stock compensation costs of $0.1 million and $0.8 million for the three months and full year ended December 31, 2021,

compared to $0.1 million and $0.3 million for the same periods in 2020. United Kingdom research & development tax credits were $1.2

million and $3.8 million for the three months and year ended December 31, 2021, as compared to $0.4 million and $1.2 million for the same

period in 2020 due to the increase in eligible R&D expenditure.

Net loss for the three months

and year ended December 31, 2021, was $5.3 million and $18.9 million, compared to $2.8 million and $8.4 million for the same periods in

Conference call information:

(866) 342-8591 / international call: (203) 518-9713

(800) 839-4199 / international archive: (402) 220-2989

for live and archived conference call is CYCCQ421. Webcast link.

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, Inc.

a clinical-stage, biopharmaceutical company developing innovative cancer medicines based on cell cycle, transcriptional regulation and

mitosis biology. The transcriptional regulation program is evaluating fadraciclib, a CDK2/9 inhibitor, and the anti-mitotic program CYC140,

a PLK1 inhibitor, in patients with both solid tumors and hematological malignancies. Cyclacel's strategy is to build a diversified

biopharmaceutical business based on a pipeline of novel drug candidates addressing oncology and hematology indications. For additional

information, please visit www.cyclacel.com.

Forward-looking Statements

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, the potential effects of the COVID-19 pandemic, 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 2022 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

SOURCE: Cyclacel Pharmaceuticals, Inc.