Attached files
file | filename |
---|---|
8-K - FORM 8-K - Cyclacel Pharmaceuticals, Inc. | c01097e8vk.htm |
EX-99.1 - EXHIBIT 99.1 - Cyclacel Pharmaceuticals, Inc. | c01097exv99w1.htm |
Exhibit 99.2
Cyclacel Pharmaceuticals, Inc. |
P R E S S R E L E A S E
CYCLACEL PHARMACEUTICALS TO RESTATE 2009 ANNUAL FINANCIAL STATEMENTS TO CORRECT NET
LOSS PER SHARE AND CONSOLIDATED STATEMENTS OF CASH FLOWS DISCLOSURE
AND FILING FORM 8-K FOR NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIALS STATEMENTS
LOSS PER SHARE AND CONSOLIDATED STATEMENTS OF CASH FLOWS DISCLOSURE
AND FILING FORM 8-K FOR NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIALS STATEMENTS
BERKELEY HEIGHTS, NJ May 13, 2010 Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ:
CYCCP; the Company), a biopharmaceutical company developing oral therapies that target the
various phases of cell cycle control for the treatment of cancer and other serious disorders, today
announced that the Companys consolidated financial statements as of and for the year ended
December 31, 2009 (the Financial Statements) contained in its Annual Report on Form 10-K filed
with the Securities and Exchange Commission on March 29, 2010 (the Annual Report) will be
restated to correct an error in calculating the net loss per share as it relates to the payment of
dividends on the Companys 6% Convertible Exchangeable Preferred Stock (the Preferred Stock) and
disclosures in the consolidated statements of cash flows related to the dividends on the Preferred
Stock.
The restatement has no effect on net cash flows, the reported net loss or the consolidated balance
sheet. The Company has also determined that the Financial Statements should not be relied upon and
is filing a Current Report on Form 8-K under item 4.02 Non-reliance on previously issued financial
statements, that will provide further detail on the restatement.
Although the Company accrued for the unpaid dividends in its Financial Statements, it did not
include the accrued amount when calculating basic and diluted loss per common share for the year
ended December 31, 2009. As a result, the net loss per common share will be revised from $0.88 per
share, as originally reported in its Annual Report, to $0.94 per share, as will be reported in an
amendment to its Annual Report, which the Company expects to file in the next several days.
Similar errors occurred in 2007 and 2008 in the net loss per share disclosure. For 2008 the net
loss per common share will be revised from $1.98 per share, as originally reported, to $2.04 per
share. For 2007 the net loss per common share will be revised from $1.21 per share, as originally
reported, to $1.23 per share. Changes are also being made in the consolidated statements of cash
flows related to dividends on the Preferred Stock. The restatement has no effect on net cash flows.
About Cyclacel Pharmaceuticals, Inc.
Cyclacel is a biopharmaceutical company developing oral therapies that target the various phases of
cell cycle control for the treatment of cancer and other serious disorders. Three product
candidates are in clinical development: Sapacitabine (CYC682), a cell cycle modulating nucleoside
analog, is in Phase 2 studies for the treatment of acute myeloid leukemia in the elderly,
myelodysplastic syndromes and lung cancer. Seliciclib (CYC202 or R-roscovitine), a CDK (cyclin
dependent kinase) inhibitor, is in Phase 2 studies for the treatment of lung cancer and
nasopharyngeal cancer and in a Phase 1 trial in combination with sapacitabine. CYC116, an Aurora
kinase and VEGFR2 inhibitor, is in a Phase 1 trial in patients with solid tumors. Cyclacels ALIGN
Pharmaceuticals subsidiary markets directly in the U.S. Xclair® Cream for radiation dermatitis,
Numoisyn® Liquid and Numoisyn® Lozenges for xerostomia. Cyclacels strategy is to build a
diversified biopharmaceutical business focused in hematology and oncology based on a portfolio of
commercial products and a development pipeline of novel drug candidates. Please visit
www.cyclacel.com for additional information.
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 Cyclacels 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, the risk that Cyclacel will not obtain approval to market
its products, 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 current
filings that have been filed 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.
Contact for Cyclacel Pharmaceuticals, Inc.
Investors/Media:
Corey Sohmer, (908) 517-7330
csohmer@cyclacel.com
Corey Sohmer, (908) 517-7330
csohmer@cyclacel.com
© Copyright 2010 Cyclacel Pharmaceuticals, Inc. All Rights Reserved. The Cyclacel logo and
Cyclacel® are trademarks of Cyclacel Pharmaceuticals, Inc. Numoisyn® and Xclair® are trademarks
of Sinclair Pharma plc.
2