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Cyclacel Pharmaceuticals Inc Enters Into $20 Million Common Stock Purchase Agreement With Aspire Capital Fund, LLC

Monday, 17 Dec 2012 07:15am EST 

Cyclacel Pharmaceuticals Inc announced that it has entered into a common stock purchase agreement (the Purchase Agreement) with Aspire Capital Fund, LLC (Aspire). Aspire has committed to purchase up to $20 million of Cyclacel's common stock from time to time as directed by Cyclacel over the next two years at prices based on the market price at the time of each sale. Upon execution of the Purchase Agreement, Aspire invested $1 million in Cyclacel common stock at a per share price equal to the closing price of $6.29 on December 13, 2012 the date upon which the business terms were agreed to between Cyclacel and Aspire Capital. Cyclacel will use the net proceeds from the sales of common stock to advance development of the Company's pipeline, including SEAMLESS, the ongoing Phase 3 trial evaluating sapacitabine as a potential treatment for elderly patients with newly diagnosed acute myeloid leukemia (AML), and also Phase 2 trials in patients with myelodysplastic syndromes (MDS) and solid tumors. Cyclacel recently reported encouraging survival data from the pilot/lead-in stage of SEAMLESS and a Phase 2 trial of sapacitabine in patients with MDS failing front-line therapy. 

Company Quote

-0.05 -1.58%
22 Jul 2014