Cyclacel Announces Collaboration with CV Therapeutics, Inc

DUNDEE - 5 December 2000 - Cyclacel Limited, the UK-based cancer therapeutics company, today announced a collaboration agreement with CV Therapeutics, Inc. (Nasdaq: CVTX) of Palo Alto, California.

Under the terms of the collaboration Cyclacel will screen a library of small molecule compounds developed by CVT in Cyclacel's proprietary assays and determine their potential to inhibit the cancer cell cycle. The agreement provides Cyclacel with an option to negotiate an exclusive world-wide licence to develop and commercially exploit selected compounds in the field of proliferative diseases. CVT has an option to join Cyclacel in clinical development of selected compounds and exploit them in the Americas at the beginning of Phase II or the beginning of Phase III under which Cyclacel and CVT would pay each other royalties and certain milestone payments.

Spiro Rombotis, Cyclacel's Chief Executive, said: "The agreement with CV Therapeutics, Inc validates Cyclacel's global reputation as a leader in cell cycle chemistry and biology. The addition of the CVT compounds further enhances our growing portfolio of small molecule CDK inhibitors and is expected to inform our understanding of structure-activity relationships in this important area of cancer research. We are pleased to be working with a highly-regarded US biotechnology company like CV Therapeutics and look forward to a mutually-beneficial relationship."