Full Press Release Details
Pharmaceuticals Reports SECOND Quarter 2018 Financial Results
Call Scheduled August 9, 2018 at 4:30 p.m. EDT -
Berkeley Heights, NJ, August 9,
2018 - Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; "Cyclacel" or the "Company"), a biopharmaceutical
company developing innovative medicines based on cancer biology, today reported financial results and business highlights for the
second quarter 2018.
The Company's net loss applicable to
common shareholders for the three months ended June 30, 2018 was $1.9 million. As of June 30, 2018, cash and cash equivalents totaled
"Phase 1 data presented for CYC065, our lead CDK inhibitor,
at the recent American Association for Cancer Research Annual Meeting highlighted CYC065's potential for durable suppression
of Mcl-1, a protein that enables cancer cells to survive," said Spiro Rombotis, President and Chief Executive Officer of
Cyclacel." The oral presentation provided proof of the drug's mechanism in patients with advanced solid tumors. Durable
suppression of Mcl-1 for at least 24 hours was demonstrated in 11 of 13 patients after a single dose of CYC065 at the recommended
Phase 2 level. Suppression of the Mcl-1 mediated survival pathway leads to rapid induction of apoptosis in Mcl-1 dependent cancer
cells. CYC065's mechanism has also been shown to reverse drug resistance associated with the addiction of cancer cells to
cyclin E, a partner protein of CDK2. In furtherance of these findings, we will shortly initiate a CYC065 study in combination with
venetoclax in patients with relapsed/refractory chronic lymphocytic leukemia, or CLL. We are also planning additional studies in
advanced leukemias. During the quarter, we also achieved an important objective with the FDA's clearance of the IND for CYC140,
an internally-discovered, novel inhibitor of Polo-like-kinase 1, or PLK1."
Key Company Highlights
Key Upcoming Business Objectives
Financial Highlights
As of June 30, 2018, cash and cash
equivalents totaled $19.8 million, compared to $23.9 million as of December 31, 2017. The decrease of $4.1 million was primarily
due to net cash used in operating activities.
Research and development expenses were
$1.2 million for each of the three months ended June 30, 2018 and 2017.
General and administrative expenses were
$1.3 million for each of the three months ended June 30, 2018 and 2017.
Other income, net for the three months
ended June 30, 2018 was $0.1 million compared to $34,000 for the same period of the previous year.
The United Kingdom research and tax
credits were $0.5 million for the three months ended June 30, 2018 compared to $0.3 million for the same period in 2017.
Net loss for the three months ended June 30, 2018 was $1.9 million
compared to $2.2 million for the same period in 2017.
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 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 medicines based on cancer biology. Cyclacel's transcriptional regulation program is evaluating CYC065,
a dual CDK2/9 inhibitor, in patients with advanced cancers. The DNA damage response program is evaluating a sequential regimen
of sapacitabine and seliciclib, a CDK inhibitor, in BRCA positive patients with advanced solid cancers. 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 www.cyclacel.com.
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 | |
| Company: | Paul McBarron, (908) 517-7330, pmcbarron@cyclacel.com |
| Investor Relations: | Russo Partners LLC, Alexander Fudukidis, (646) 942-5632, alex.fudukidis@russopartnersllc.com |
Copyright 2018 Cyclacel Pharmaceuticals,
CYCLACEL PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In $000s, except share and per share amounts)
| Three Months Ended June 30, | Six months Ended June 30, | |||||||||||||||
| 2017 | 2018 | 2017 | 2018 | |||||||||||||
| Revenues: | ||||||||||||||||
| Grant revenue | $ | - | $ | - | $ | - | $ | - | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 1,222 | 1,182 | 2,534 | 1,980 | ||||||||||||
| General and administrative | 1,267 | 1,283 | 2,648 | 2,647 | ||||||||||||
| Total operating expenses | 2,489 | 2,465 | 5,182 | 4,627 | ||||||||||||
| Operating loss | (2,489 | ) | (2,465 | ) | (5,182 | ) | (4,627 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Foreign exchange gains (losses) | 16 | (39 | ) | (43 | ) | (43 | ) | |||||||||
| Interest income | 18 | 84 | 30 | 153 | ||||||||||||
| Other income, net | - | 66 | 879 | 632 | ||||||||||||
| Total other income (expense) | 34 | 111 | 866 | 742 | ||||||||||||
| Loss before taxes | (2,455 | ) | (2,354 | ) | (4,316 | ) | (3,885 | ) | ||||||||
| Income tax benefit | 268 | 502 | 574 | 684 | ||||||||||||
| Net loss | (2,187 | ) | (1,852 | ) | (3,742 | ) | (3,201 | ) | ||||||||
| Dividend on convertible exchangeable preferred shares | (50 | ) | (50 | ) | (100 | ) | (101 | ) | ||||||||
| Net loss applicable to common shareholders | $ | (2,237 | ) | $ | (1,902 | ) | $ | (3,842 | ) | $ | (3,302 | ) | ||||
| Basic and diluted earnings per common share: | ||||||||||||||||
| Net loss per share - basic and diluted | $ | (0.50 | ) | $ | (0.16 | ) | $ | (0.88 | ) | $ | (0.28 | ) | ||||
| Weighted average common shares outstanding | 4,434,441 | 11,997,447 | 4,353,333 | 11,997,447 |
CYCLACEL PHARMACEUTICALS, INC.
CONSOLIDATED BALANCE SHEET
(In $000s, except share, per share, and
liquidation preference amounts)
| December 31, 2017 | June 30, 2018 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 23,910 | $ | 19,824 | ||||
| Prepaid expenses and other current assets | 2,064 | 2,863 | ||||||
| Total current assets | 25,974 | 22,687 | ||||||
| Property, plant and equipment (net) | 29 | 43 | ||||||
| Total assets | $ | 26,003 | $ | 22,730 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,558 | $ | 1,675 | ||||
| Accrued and other current liabilities | 2,555 | 2,319 | ||||||
| Total current liabilities | 4,113 | 3,994 | ||||||
| Other liabilities | 124 | 112 | ||||||
| Total liabilities | 4,237 | 4,106 | ||||||
| Stockholders' equity | 21,766 | 18,624 | ||||||
| Total liabilities and stockholders' equity | $ | 26,003 | $ | 22,730 |
Pharmaceuticals, Inc.