Cyclacel Raises £4 Million in New Funding

DUNDEE - Cyclacel Limited, the UK-based cancer therapeutics company, today announced the completion of an additional private financing raising £4 million. Two private investors, Brian Souter and Ann Gloag, agreed to invest £2 million each. They are Chairman and Director respectively, as well as founders, of a Scottish-based, FTSE-100 company quoted on the London Stock Exchange with a market capitalisation of approximately £3 billion.

This investment is at a premium to Cyclacel's second round private financing that raised £5.3 million three months ago.

Spiro Rombotis, Cyclacel's Chief Executive, said: "We are delighted that these two well-known Scottish entrepreneurs are joining Cyclacel as new shareholders. The additional funds extend Cyclacel's cash reserves to approximately 3 years and will help us to begin clinical trials. Cyclacel's ability to rapidly build shareholder value is illustrated in a valuation of almost £20 million in just 2 years from beginning operations."

Brian Souter and Ann Gloag jointly commented: "We are excited about investing in this flagship biotechnology company and we hope that our example will encourage others to further invest in entrepreneurial life science companies in Scotland. We are also keen to invest in the local community and help advance the prospects for cancer patients through the development of novel treatments."