Cyclacel Announces New Stock Issue

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Cyclacel is getting in gear to expand its capital base. The company is floating a new issue of common stock in an underwritten public offering. Just under 6.67 million shares of the firm will be sold at a price of $3.00 apiece. Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 166,667 shares to cover over allotments, if any.

Cyclacel estimates the gross proceeds of the issue will amount to roughly $20 million. The company will use its take to fund clinical trials of what it describes as its "most advanced product candidate," sapacitabine, and for "general corporate purposes."

JMP Group's JMP Securities is the sole book-running manager of the issue. Cyclacel expects the offering to close on May 21.

The article Cyclacel Announces New Stock Issue originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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