**Cyclacel Pharmaceuticals Announces Agreement for $3.1 Million Investment by David Lazar as Interim CEO****

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Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC) has revealed the execution of a Securities Purchase Agreement with investor David Lazar, marking a significant move for the pharmaceutical company. The agreement, dated January 2, 2025, entails Lazar purchasing 1,000,000 shares of Series C Convertible Preferred Stock (C Preferred Stock) and 2,100,000 shares of Series D Convertible Preferred Stock (D Preferred Stock) at $1.00 per share, totaling $3.1 million. This investment is set to assist in repaying the company’s outstanding liabilities and for general corporate and operational purposes.

The agreement sees Lazar paying $1,000,000 for the Series C Preferred Stock at the Initial Closing, scheduled to occur around January 6, 2025. As part of the same agreement, subject to specific closing conditions and upon receipt of the Lazar Stockholder Approval, an additional $2,100,000 will be paid by David Lazar for the Series D Preferred Stock at the Final Closing.

Each Series C Preferred Stock can be converted into 2.65 shares of Cyclacel’s common stock, while each Series D Preferred Stock can be converted into 110 shares of common stock. Certain limitations are placed on the conversion to ensure compliance with Nasdaq rules and regulations on ownership percentages.

Additionally, the Company issued a press release on January 3, 2025, officially announcing the agreement with David Lazar. As part of this transition, former CEO Spiro Rombotis resigned, and David Lazar was appointed as the interim CEO. The Board of Directors was reconstituted, with David Natan assuming a position on the board and chairing the audit committee.

This move by Cyclacel Pharmaceuticals signifies a strategic shift in leadership and provides a valuable cash infusion through Lazar’s investment. The Company is navigating changes swiftly, aiming to streamline operations and explore strategic pathways forward in the pharmaceutical landscape. However, uncertainties remain, particularly concerning Nasdaq compliance and shareholder approvals as the Company progresses under new leadership.

The disclosed details are part of a Form 8-K filing with the Securities and Exchange Commission.

Please note that forward-looking statements in this news piece may not reflect eventual outcomes and are subject to risks outlined in Cyclacel Pharmaceuticals’ regulatory filings.

The full text of the agreement is available on the Securities and Exchange Commission’s website.

This news is provided for informational purposes only and should not be interpreted as an endorsement or recommendation to buy, sell, or hold Cyclacel Pharmaceuticals stock.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Cyclacel Pharmaceuticals’s 8K filing here.

About Cyclacel Pharmaceuticals

Cyclacel Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops medicines for the treatment of cancer and other proliferative diseases in the United States, the United Kingdom, and internationally. The company's lead product includes fadraciclib, a cyclin dependent kinase Inhibitors (CDK) that is in Phase 1/2 clinical trial for the treatment of solid tumors and hematological malignancies, as well as in combination with venetoclax to treat relapsed or refractory chronic lymphocytic leukemia; and Plogosertib, a polo-like kinase inhibitor program, which is in Phase 1/2 clinical trial for the treatment of advanced solid tumors and hematological malignancies.