Full Press Release Details
Pharmaceuticals Reports THIRD Quarter 2019 Financial Results
- Investigator-Reported
Partial Response in Phase 1 Study of CYC065 as Single Agent-
Call Scheduled November 13, 2019 at 4:30 p.m. ET -
Berkeley Heights, NJ, Wednesday,
November 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 third quarter 2019. The Company's net loss applicable to common shareholders for the three months ended
September 30, 2019 was $2.0 million. As of September 30, 2019 cash and cash equivalents totaled $13.0 million.
"The investigators evaluating
CYC065, our CDK2/9 inhibitor, as a single agent have reported that a heavily pretreated
patient with MCL1 amplified endometrial cancer achieved a partial response (PR) with tumor shrinkage of 48%,"
said Spiro Rombotis, President and Chief Executive Officer of Cyclacel. "If this PR is confirmed with a follow up scan, it
will provide further support that MCL1 dependent cancers may be sensitive to CYC065. We have previously reported that CYC065 durably
suppresses MCL1 in cancer patients and believe that it is a leader amongst MCL1 suppressing medicines. In parallel, we have enrolled
our first patient with an oral form of CYC065 and are continuing to recruit patients in Phase 1 studies evaluating CYC065
in combination with venetoclax in patients with relapsed or refractory AML, CLL or MDS. Altogether we are
dosing patients in five clinical studies in pursuit of our strategy of overcoming cancer resistance through combinations of our
candidates with approved drugs. With projected cash to the end of 2020 we look forward to delivering on multiple data outcomes
from our ongoing studies."
Key Company Highlights
Key Upcoming Business Objectives
Financial Highlights
As of September 30, 2019, cash and
cash equivalents totaled $13.0 million compared to $17.5 million as of December 31, 2018. The decrease of $4.5 million was primarily
due to net cash used in operating activities of $8.3 million, offset by net proceeds from a Common Stock Sales Agreement with H.C.
Wainwright & Co., LLC of $4.1 million. In October 2019, we received $1.2 million in United Kingdom, research & development
tax credits not included in the above amounts.
Research and development expenses were
$1.1 million for the three months ended September 30, 2019 compared to $1.2 million for the same period in 2018.
General and administrative expenses were
$1.3 million for each of the three months ended September 30, 2019 and 2018.
Other income, net for the three months
ended September 30, 2019 was $0.2 million compared to $0.1 million for the same period of the previous year.
The accrued United Kingdom research
and development tax credit was $0.3 million for each of the three months ended September 30, 2019 and 2018.
Net loss for the three months ended September 30, 2019 was $1.9
million compared to $2.1 million for the same period in 2018. With the projected cash-sparing benefits accruing from the alliance
with The University of Texas MD Anderson Cancer Center, the Company believes that cash and marketable securities, which
were approximately $13.0 million as of September 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. An IST is evaluating an oral combination
regimen of sapacitabine and olaparib in patients with BRCA mutant breast cancer. 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
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.
| Company: | Paul McBarron, (908) 517-7330, pmcbarron@cyclacel.com |
| Investor Relations: | Russo Partners LLC, Jan Medina, (646) 942-5632, Jan.Medina@russopartnersllc.com |
Copyright 2019 Cyclacel Pharmaceuticals,
CYCLACEL PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In $000s, except share and per share amounts)
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2018 | 2019 | |||||||
| Revenues: | ||||||||
| Total revenues | - | - | ||||||
| Operating expenses: | ||||||||
| Research and development | 1,205 | 1,063 | ||||||
| General and administrative | 1,250 | 1,285 | ||||||
| Total operating expenses | 2,455 | 2,348 | ||||||
| Operating loss | (2,455 | ) | (2,348 | ) | ||||
| Other income (expense): | ||||||||
| Foreign exchange gains (losses) | 1 | 79 | ||||||
| Interest income | 85 | 42 | ||||||
| Other income, net | - | 53 | ||||||
| Total other income (expense), net | 86 | 174 | ||||||
| Loss before taxes | (2,369 | ) | (2,174 | ) | ||||
| Income tax benefit | 301 | 273 | ||||||
| Net loss | (2,068 | ) | (1,901 | ) | ||||
| Dividend on convertible exchangeable preferred shares | (50 | ) | (50 | ) | ||||
| Net loss applicable to common shareholders | $ | (2,118 | ) | $ | (1,951 | ) | ||
| Basic and diluted earnings per common share: | ||||||||
| Net loss per share - basic and diluted | $ | (0.18 | ) | $ | (0.11 | ) | ||
| Weighted average common shares outstanding | 11,997,447 | 17,199,974 |
CYCLACEL PHARMACEUTICALS, INC.
CONSOLIDATED BALANCE SHEET
(In $000s, except share, per share, and
liquidation preference amounts)
| December 31, | September 30, | |||||||
| 2018 | 2019 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 17,504 | $ | 12,967 | ||||
| Prepaid expenses and other current assets | 2,283 | 2,869 | ||||||
| Total current assets | 19,787 | 15,836 | ||||||
| Property and equipment, net | 36 | 28 | ||||||
| Right-of-use lease asset | - | 1,213 | ||||||
| Total assets | $ | 19,823 | $ | 17,077 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,719 | $ | 887 | ||||
| Accrued and other current liabilities | 1,732 | 1,184 | ||||||
| Total current liabilities | 4,451 | 2,071 | ||||||
| Lease liability | - | 1,154 | ||||||
| Other liabilities | 100 | - | ||||||
| Total liabilities | 4,551 | 3,225 | ||||||
| Stockholders' equity | 15,272 | 13,852 | ||||||
| Total liabilities and stockholders' equity | $ | 19,823 | $ | 17,077 |
Pharmaceuticals, Inc.