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Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC, NASDAQ:CYCCP, ", Cyclacel", or the ", Company", ))), a biopharmaceutical company developing innovative cancer medicines, today announced that it is in the process of exploring and reviewing strategic alternatives on an expedited basis in order to preserve the Company's cash, including a potential transaction with investor David Lazar of Activist Investing, LLC, which transaction would be subject to the consent of an existing securityholder.
The Company's Board of Directors is reviewing a range of appropriate strategies to realize value from its assets. The Board has directed management to reduce operating costs while such alternatives are being explored. There can be no assurance that the exploration of strategic alternatives will result in any agreement or transaction, or as to the timing of any such agreement or transaction. Further, there can be no assurance that the Company will be able to reach an agreement, or consummate a transaction, with Mr. Lazar or receive the required consent of an existing securityholder to any such transaction.
As previously disclosed, the Company does not presently meet the continued listing requirements of the Nasdaq Stock Market and its securities would be subject to delisting if the Company fails to regain compliance during the required compliance period. In the event that the Company is not able to enter into a strategic transaction and/or secure additional funding, it may be forced to cease all business operations. In such event, the Company's stockholders may lose a part or all of their investment in the Company.
