Cyclacel Pharmaceuticals, Inc. Cyclacel Pharmaceuticals Reports second Quarter 2019 Financial Results - Conference Call Scheduled

Pharmaceuticals Reports second Quarter 2019 Financial Results

Call Scheduled August 13, 2019 at 4:30 p.m. ET -

Berkeley Heights, NJ, August 13,

2019 - Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; "Cyclacel" or the "Company"), a biopharmaceutical

company developing innovative medicines based on cancer cell biology, today reported financial results and business highlights

for the second quarter 2019. The Company's net loss applicable to common shareholders for the three months ended June 30, 2019

was $1.8 million. As of June 30, 2019 cash and cash equivalents totaled $15.2 million.

"We are excited to report

new evidence of anticancer activity for CYC065. In part 2 of our Phase 1 study of CYC065 as a single agent, a patient with endometrial

cancer with MCL1 amplification treated on the fourth dose level achieved tumor shrinkage. This patient was previously treated with

liposomal doxorubicin, carboplatin, and multiple investigational therapies," said

Spiro Rombotis, President and Chief Executive Officer of Cyclacel. "Following our recent announcement of the first

patient dosed in a Phase 1/2 study with an oral combination of sapacitabine and venetoclax

in relapsed or refractory AML or MDS, we are now dosing patients in five clinical studies in pursuit

of our strategy of overcoming cancer resistance mechanisms through combinations of our candidates with approved drugs. The first

two patients in the relapsed or refractory CLL study evaluating the combination of CYC065 and venetoclax remain on treatment for

4 and 6 cycles respectively. A total of 4 patients with BRCA mutant breast cancer have been treated in the Phase 1/2 investigator

sponsored trial (IST) evaluating sapacitabine and olaparib and one patient has achieved partial response (PR). With projected cash

to the end of 2020 we look forward to delivering on multiple data outcomes from our ongoing studies."

Key Company Highlights

200 Connell Drive, Suite 1500, Berkeley Heights, NJ 07922, USA Tel +1

908 517 7330 Fax +1 866 271 3466

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

Key Upcoming Business Objectives

Financial Highlights

As of June 30, 2019, cash and cash

equivalents totaled $15.2 million compared to $17.5 million as of December 31, 2018. The decrease of $2.3 million was primarily

due to net cash used in operating activities of $6.3 million, offset by net proceeds from a Common Stock Sales Agreement with H.C.

Wainwright of $4.1m.

Research and development expenses were

$1.2 million for the three months ended June 30, 2019 compared to $1.2 million for the same period in 2018.

General and administrative expenses were

$1.2 million for the three months ended June 30, 2019 compared to $1.3 million for the same period in 2018.

Other income, net for the three months

ended June 30, 2019 was $0.2 million compared to $0.1 million for the same period of the previous year.

The United Kingdom R&D tax

credit was $0.3 million for the three months ended June 30, 2019 compared to $0.5 million for the same period in 2018.

Net loss for the three months ended June 30, 2019 was $1.8 million

compared to $1.9 million for the same period in 2018. With the projected cash-sparing benefits accruing from the MD Anderson alliance

the Company believes that cash and marketable securities, which were approximately $15.2 million as of June 30, 2019, will be sufficient

to finance operations through the end of 2020.

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 cancer medicines based on cell cycle, transcriptional regulation and DNA damage response biology.

The transcriptional regulation program is evaluating CYC065 in combination with venetoclax in patients with relapsed or refractory

CLL and AML/MDS. The DNA damage response program is evaluating an oral combination regimen of sapacitabine and venetoclax in patients

with relapsed or refractory AML/MDS. The anti-mitotic program is evaluating CYC140, a PLK1 inhibitor, in AML/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 www.cyclacel.com.

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.

Copyright 2019 Cyclacel Pharmaceuticals, Inc. All Rights

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

CYCLACEL PHARMACEUTICALS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

CYCLACEL PHARMACEUTICALS, INC.

CONSOLIDATED BALANCE SHEET

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

liquidation preference amounts)

Pharmaceuticals, Inc.