Cyclacel completes $39m private placement

Published: 3-Feb-2004

UK biopharmaceutical company Cyclacel has completed a $39m (


UK biopharmaceutical company Cyclacel has completed a $39m (£21.3m) private placement with a global syndicate of new and existing institutional investors.

The net proceeds will be used to advance development of Cyclacel's two clinical stage drugs as well as progressing its preclinical drug portfolio. The Company's lead drug, CYC202 (R-roscovitine, an oral CDK inhibitor), is presently in two Phase IIa trials in combination with gemcitabine and cisplatinum in patients with Non-Small Cell Lung (NSCLC) cancer and with capecitabine in breast cancer.

CYC202 is also being explored for use in glomerulonephritis, an inflammatory disease associated with kidney cell proliferation. The second clinical stage compound, CYC682 (an oral nucleoside analogue), completed Phase I trials in cancer patients and is presently entering further Phase I/II studies in oncology. Cyclacel's preclinical stage programmes include several small molecule classes being developed for oncology, HIV/AIDS and Type II diabetes indications.

'Completion of this private placement is an important endorsement of our strategy for building an innovative product portfolio and of the progress we have made in advancing our development candidates,' said Spiro Rombotis, ceo of Cyclacel. 'We have an exciting pipeline of nine small molecule drug programmes, seven of which were discovered in-house and two in-licensed. Two of these are in the clinic in the US and Europe supported by our biomarker technology, and a third is scheduled to enter Phase I this year.'

  

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