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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.17 | 6.42% | 2.82 | 2.82 | 2.95 | 22,721 | 10:20:16 |
Conference Call Scheduled November 12, 2018 at 4:30 p.m. ET
“We continue to execute on our strategy to rapidly develop CYC065 and CYC140 in hematological malignancies and CYC065 in advanced solid tumors,” said Spiro Rombotis, President and Chief Executive Officer of Cyclacel. “The Phase 1 study evaluating CYC065 in combination with venetoclax in patients with relapsed/refractory CLL and the CYC140 first-in-human study are open for enrollment. Two further protocols evaluating combinations of CYC065 and sapacitabine are in development. Our alliance with MD Anderson allows us to parallel track the development of our drugs in a cash-sparing manner while utilizing MD Anderson’s expertise to recruit patients across four studies. We estimate that our cash resources will be sufficient to fund operations until the second quarter of 2020. We are also pleased to report that the IST evaluating sapacitabine and olaparib in BRCA positive patients with breast cancer has started to enroll.”
Key Company Highlights
Financial HighlightsAs of September 30, 2018, cash and cash equivalents totaled $19.0 million compared to $23.9 million as of December 31, 2017. The decrease of $4.9 million in the nine-months was primarily due to net cash used in operating activities, including $1.2 million of R&D tax credit received from the United Kingdom government.
Research and development expenses were $1.2 million for the three months ended September 30, 2018 compared to $1.0 million for the same period in 2017.
General and administrative expenses were $1.3 million for the three months ended September 30, 2018 compared to $1.2 million for the same period in 2017.
Other income, net for the three months ended September 30, 2018 was $0.1 million compared to $36,000 for the same period of the previous year.
The United Kingdom R&D and tax credits were $0.3 million for the three months ended September 30, 2018 compared to $0.2 million for the same period in 2017.
Net loss for the three months ended September 30, 2018 was $2.1 million compared to $1.9 million for the same period in 2017. With the cash-sparing benefits accruing from the MD Anderson alliance the Company believes that cash and marketable securities, which were approximately $19.0 million as of September 30, 2018, will be sufficient to finance operations until the second quarter 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 call is 3775807
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 its expertise in cell cycle, transcriptional regulation and DNA damage response biology in cancer cells to develop innovative medicines. The transcriptional regulation program is evaluating CYC065, a CDK inhibitor, in patients with advanced solid cancers and in combination with venetoclax in patients with advanced hematological malignancies. The DNA damage response program is evaluating a combination of sapacitabine and seliciclib, a CDK inhibitor, in BRCA positive patients with advanced solid cancers and sapacitabine and olaparib, a PARP inhibitor, in BRCA positive patients with breast cancer. CYC140, a PLK inhibitor, is ready to start investigation in cancer 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.
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 Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2017 | 2018 | 2017 | 2018 | ||||||||||||||||
Revenues: | |||||||||||||||||||
Total revenues | $ | — | $ | — | $ | — | $ | — | |||||||||||
Operating expenses: | |||||||||||||||||||
Research and development | 958 | 1,205 | 3,491 | 3,185 | |||||||||||||||
General and administrative | 1,154 | 1,250 | 3,802 | 3,898 | |||||||||||||||
Total operating expenses | 2,112 | 2,455 | 7,293 | 7,083 | |||||||||||||||
Operating loss | (2,112 | ) | (2,455 | ) | (7,293 | ) | (7,083 | ) | |||||||||||
Other income (expense): | |||||||||||||||||||
Foreign exchange gains (losses) | (22 | ) | 1 | (65 | ) | (42 | ) | ||||||||||||
Interest income | 30 | 85 | 59 | 238 | |||||||||||||||
Other income, net | 28 | - | 907 | 632 | |||||||||||||||
Total other income | 36 | 86 | 901 | 828 | |||||||||||||||
Loss before taxes | (2,076 | ) | (2,369 | ) | (6,392 | ) | (6,255 | ) | |||||||||||
Income tax benefit | 219 | 301 | 793 | 985 | |||||||||||||||
Net loss | (1,857 | ) | (2,068 | ) | (5,599 | ) | (5,270 | ) | |||||||||||
Dividend on convertible exchangeable preferred shares | (50 | ) | (50 | ) | (151 | ) | (151 | ) | |||||||||||
Beneficial conversion feature of Series A convertible stock | (3,638 | ) | - | (3,638 | ) | - | |||||||||||||
Conversion of Series A convertible preferred stock | (3,373 | ) | - | (3,373 | ) | - | |||||||||||||
Net loss applicable to common shareholders | $ | (8,918 | ) | $ | (2,118 | ) | $ | (12,761 | ) | $ | (5,421 | ) | |||||||
Basic and diluted earnings per common share: | |||||||||||||||||||
Net loss per share – basic and diluted | $ | (0.91 | ) | $ | (0.18 | ) | $ | (2.06 | ) | $ | (0.45 | ) | |||||||
Weighted average common shares outstanding | 9,835,441 | 11,997,447 | 6,200,783 | 11,997,447 | |||||||||||||||
CYCLACEL PHARMACEUTICALS, INC. | |||||||||||||
CONSOLIDATED BALANCE SHEET | |||||||||||||
(In $000s, except share, per share, and liquidation preference amounts) | |||||||||||||
December 31, | September 30, | ||||||||||||
2017 | 2018 | ||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 23,910 | $ | 18,973 | |||||||||
Prepaid expenses and other current assets | 2,064 | 1,696 | |||||||||||
Total current assets | 25,974 | 20,669 | |||||||||||
Property and equipment, net | 29 | 38 | |||||||||||
Total assets | $ | 26,003 | $ | 20,707 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable | $ | 1,558 | $ | 1,411 | |||||||||
Accrued and other current liabilities | 2,555 | 2,592 | |||||||||||
Total current liabilities | 4,113 | 4,003 | |||||||||||
Other liabilities | 124 | 106 | |||||||||||
Total liabilities | 4,237 | 4,109 | |||||||||||
Stockholders’ equity: | |||||||||||||
Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2017 and September 30, 2018; | |||||||||||||
6% Convertible Exchangeable preferred stock; 335,273 shares issued and outstanding at | |||||||||||||
December 31, 2017 and September 30, 2018. Aggregate preference in liquidation of $4,006,512 as | |||||||||||||
of December 31, 2017 and September 30, 2018. | - | - | |||||||||||
Series A convertible preferred stock, $0.001 par value; 264 shares issued and outstanding | |||||||||||||
at December 31, 2017 and September 30, 2018. | - | - | |||||||||||
Common stock, $0.001 par value; 100,000,000 shares authorized at December 31, 2017 and September 30, 2018; | |||||||||||||
11,997,447 shares issued and outstanding at December 31, 2017 and September 30, 2018. | 12 | 12 | |||||||||||
Additional paid-in capital | 365,057 | 365,160 | |||||||||||
Accumulated other comprehensive loss | (794 | ) | (796 | ) | |||||||||
Accumulated deficit | (342,509 | ) | (347,778 | ) | |||||||||
Total stockholders’ equity | 21,766 | 16,598 | |||||||||||
Total liabilities and stockholders’ equity | $ | 26,003 | $ | 20,707 | |||||||||
SOURCE: Cyclacel Pharmaceuticals, Inc.
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