We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cyclacel Pharmaceuticals Inc | NASDAQ:CYCC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.45 | -18.07% | 2.04 | 1.80 | 2.23 | 2.52 | 1.9352 | 2.37 | 566,976 | 05:00:05 |
The Company's net loss applicable to common shareholders for the three months ended March 31, 2018 was $1.4 million. As of March 31, 2018, cash and cash equivalents totaled $21.7 million.
“Two presentations at the recent American Association for Cancer Research Annual Meeting highlighted CYC065, our lead CDK inhibitor drug candidate, confirming a strong rationale for advancing its clinical development in certain liquid and solid cancers,” said Spiro Rombotis, President and Chief Executive Officer of Cyclacel. “The oral presentation confirmed proof of mechanism in patients with advanced solid tumors. Durable suppression of Mcl-1 in 11 of 13 patients was demonstrated for the first time in the literature after a single dose at the recommended Phase 2 level. In addition, anticancer activity was observed in patients with MYC amplified tumors, confirming the promise of a CDK inhibition strategy against this very difficult to treat tumor type. The poster presentation demonstrated preclinical synergy of CYC065 with venetoclax, supporting the Company’s plans to pursue a venetoclax combination study in patients with relapsed/refractory chronic lymphocytic leukemia, or CLL. We have also achieved another important objective by submitting an IND for CYC140, an internally-discovered, novel inhibitor of Polo-like-kinase 1, or PLK1.”
Key Highlights
2018 Key Upcoming Business Objectives
Financial Highlights
As of March 31, 2018, cash and cash equivalents totaled $21.7 million, compared to $23.9 million as of December 31, 2017. The decrease of $2.2 million was primarily due to net cash used in operating activities.
Research and development expenses were $0.8 million for the three months ended March 31, 2018 as compared to $1.3 million for the same period in 2017. The decrease was primarily due to reduced study and related costs associated with completion of the SEAMLESS study.
General and administrative expenses were $1.4 million for each of the three months ended March 31, 2018 and 2017.
Other income, net for the three months ended March 31, 2018 was $0.6 million compared to $0.8 million for the same period of the previous year. The decrease is primarily related to income received under an Asset Purchase Agreement with ThermoFisher Scientific Company, or TSC, (formerly Invitrogen Corporation), in respect of certain assets and intellectual property related to chimeric antigen receptor-T cell (CAR-T) manufacturing technology sold by the Company to TSC in December 2005.
The United Kingdom research and tax credits were $0.2 million for the three months ended March 31, 2018 compared to $0.3 million for the same period in 2017.
Net loss for the three months ended March 31, 2018 was $1.3 million compared to $1.6 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 call is 6069578
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, Inc.
Cyclacel Pharmaceuticals is a clinical-stage biopharmaceutical company using cell cycle, transcriptional regulation and DNA damage response biology to develop innovative, targeted medicines for cancer and other proliferative diseases. Cyclacel's transcriptional regulation program is evaluating CYC065, a CDK 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.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.
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, 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) | ||||||||
Three Months EndedMarch 31, | ||||||||
2017 | 2018 | |||||||
Revenues: | ||||||||
Total revenues | $ | — | $ | — | ||||
Operating expenses: | ||||||||
Research and development | 1,312 | 798 | ||||||
General and administrative | 1,381 | 1,364 | ||||||
Total operating expenses | 2,693 | 2,162 | ||||||
Operating loss | (2,693 | ) | (2,162 | ) | ||||
Other income (expense): | ||||||||
Foreign exchange gains (losses) | (59 | ) | (4 | ) | ||||
Interest income | 12 | 69 | ||||||
Other income, net | 879 | 566 | ||||||
Total other income (expense), net | 832 | 631 | ||||||
Loss from continuing operations before taxes | (1,861 | ) | (1,531 | ) | ||||
Income tax benefit | 306 | 182 | ||||||
Net loss | (1,555 | ) | (1,349 | ) | ||||
Dividend on convertible exchangeable preferred shares | (50 | ) | (50 | ) | ||||
Net loss applicable to common shareholders | $ | (1,605 | ) | $ | (1,399 | ) | ||
Basic and diluted earnings per common share: | ||||||||
Net loss per share – basic and diluted | $ | (0.38 | ) | $ | (0.12 | ) | ||
Weighted average common shares outstanding | 4,271,324 | 11,997,447 | ||||||
CYCLACEL PHARMACEUTICALS, INC. | ||||||
CONSOLIDATED BALANCE SHEET | ||||||
(In $000s, except share, per share, and liquidation preference amounts) | ||||||
December 31,2017 | March 31,2018 | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 23,910 | $ | 21,725 | ||
Prepaid expenses and other current assets | 2,064 | 3,007 | ||||
Total current assets | 25,974 | 24,732 | ||||
Property, plant and equipment (net) | 29 | 45 | ||||
Total assets | $ | 26,003 | $ | 24,777 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 1,558 | $ | 1,949 | ||
Accrued and other current liabilities | 2,555 | 2,309 | ||||
Total current liabilities | 4,113 | 4,258 | ||||
Other liabilities | 124 | 124 | ||||
Total liabilities | 4,237 | 4,382 | ||||
Stockholders’ equity | 21,766 | 20,395 | ||||
Total liabilities and stockholders’ equity | $ | 26,003 | $ | 24,777 | ||
SOURCE: Cyclacel Pharmaceuticals, Inc.
1 Year Cyclacel Pharmaceuticals Chart |
1 Month Cyclacel Pharmaceuticals Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions