24/7 Market News Snapshot 13 November, 2024 – Cyclacel Pharmaceuticals, Inc (NASDAQ:CYCC)

November 13, 2024

DENVER, Colo., 13 November, 2024 (247marketnews.com) – (NASDAQ:CYCC) are discussed in this article.
Cyclacel Pharmaceuticals, Inc. has experienced notable trading activity, opening at $0.416 and currently trading at $0.433, reflecting a 5.61% increase from the prior close of $0.410. This uptick signals bullish momentum amid significant investor interest, evidenced by a trading volume of 10.79 million shares. For traders, maintaining support above the $0.420 level may indicate further upward potential, while a drop below might warrant caution. Monitoring volume trends and resistance levels will be crucial for informed decision-making.

In a strategic move to strengthen its financial position, Cyclacel has executed an agreement to exercise warrants for a total of 4,968,945 shares of common stock at a reduced price of $0.415 per share, down from the previous exercise price of $1.36. This initiative, established as part of a definitive agreement initiated in May 2024, aims to generate approximately $2.1 million in gross proceeds, bolstering the company’s capital for its innovative cancer therapies.

H.C. Wainwright & Co. will serve as the exclusive placement agent for this offering. Alongside the immediate exercise of existing warrants, Cyclacel will also issue new unregistered Series C and Series D warrants, allowing the purchase of an additional 9,937,890 shares of common stock. These new warrants will be exercisable contingent upon stockholder approval, with respective terms set at five and a half years and eighteen months.

The proceeds from this transaction will be allocated towards working capital and general corporate purposes, supporting Cyclacel’s ongoing development of its promising investigational drugs such as fadraciclib and plogosertib, which target solid tumors and blood cancers. By pursuing these strategic financial initiatives, Cyclacel reaffirms its commitment to advancing its biopharmaceutical pipeline and enhancing its clinical programs to meet critical oncology and hematology needs.

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