Cyclacel Pharmaceuticals, Inc. Cyclacel Pharmaceuticals Reports THIRD Quarter 2020 Financial Results - Conference Call Scheduled

Pharmaceuticals Reports THIRD Quarter 2020 Financial Results

Call Scheduled November 11, 2020 at 4:30 p.m. ET -

Berkeley Heights, NJ, November 11,

2020 - 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 for the third quarter

2020 and certain business highlights.

The Company's net loss applicable to

common shareholders for the three months ended September 30, 2020 was $2.3 million. As of September 30, 2020, cash and cash equivalents

totaled $23.1 million. Based on current spending, the Company estimates it has sufficient resources to fund planned operations,

including research and development, through the end of 2022.

"We continue to execute on our

clinical development plan for fadraciclib and CYC140 in both liquid and solid cancers," said Spiro Rombotis, President and

Chief Executive Officer. "The recent ENA presentation highlighted fadraciclib's oral bioavailability and deepening

confirmed response as a single agent. Recent publications elaborated the

mechanistic rationale for fadraciclib highlighting dual inhibition of CDK2 and CDK9 cancer pathways. We are encouraged by evidence

of antileukemic activity in our studies of fadraciclib in combination with venetoclax in

hematological malignancies, including CLL. Dr. Mark Kirschbaum, our newly appointed CMO, is reviewing our programs and streamlining

our clinical work flows to progress our clinical strategy and improve efficiency. We

are looking forward to reporting data from ongoing studies and outlining our clinical development plans for fadraciclib and CYC140

to drive shareholder value."

Key Corporate 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

More information on our clinical trials can be found here.

Key Business Objectives

Financial Highlights

As of September 30, 2020, cash and

cash equivalents totaled $23.1 million, compared to $11.9 million as of December 31, 2019. The increase of $11.2 million was primarily

due to net proceeds of $18.3 million from an equity financing in April 2020, offset by net cash used in operating activities of

$6.8 million. There were no revenues for each of the three months ended September 30, 2020 and 2019.

Research and development expenses were $1.1 million for each

of the three months ended September 30, 2020 and 2019. Research and development expenses relating to transcriptional regulation

increased by approximately $0.1 million for the three months ended September 30, 2020 as we continue to progress the clinical

evaluation of fadraciclib.

General and administrative expenses

for the three months ended September 30, 2020 were $1.5 million, compared to $1.3 million for the same period of the previous year.

The increase of $0.2 million for the three months ended September 30, 2020 is due to increased professional costs.

Total other income, net, for the three

months ended September 30, 2020 was $35,000, compared to $174,000 for the same period of the previous year. The decrease of approximately

$140,000 for the three months ended September 30, 2020 is primarily related to reductions in foreign exchange gains and interest

United Kingdom research & development

tax credits were $0.3 million for each of the three months ended September 30, 2020 and 2019.

Net loss for the three months ended

September 30, 2020 was $2.3 million compared to $1.9 million for the same period in 2019.

The Company estimates

that cash resources of $23.1 million as of September 30, 2020 will fund currently planned programs

through the end of 2022.

Conference call information:

US/Canada call: (877) 493-9121 / international call: (973) 582-2750

US/Canada archive: (800) 585-8367 / international archive: (404)

Code for live and archived conference call is 4884678.

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 fadraciclib as a single agent in solid tumors and in combination with venetoclax

in patients with relapsed or refractory AML/MDS and CLL. The anti-mitotic program is evaluating CYC140, a PLK1 inhibitor, in advanced

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

with relapsed or refractory AML/MDS. An investigator-sponsored trial (IST) is evaluating an oral combination of sapacitabine and

olaparib in patients with BRCA mutant breast cancer. 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.

Paul McBarron, (908) 517-7330, pmcbarron@cyclacel.com

Investor Relations: Russo

Partners LLC, Eric Ando, (646) 218-4604, eric.ando@russopartnersllc.com

Copyright 2020 Cyclacel Pharmaceuticals, Inc. All Rights

Reserved. The Cyclacel logo and Cyclacel are trademarks of 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 preference amounts)

SOURCE: Cyclacel Pharmaceuticals, Inc.