Cyclacel Pharmaceuticals to offer convertible preferred stock in private placement

Cyclacel Pharmaceuticals ( NASDAQ: CYCC ) said it will offer its convertible Series E Preferred Stock in a private placement to raise gross proceeds of $1 million. The net proceeds will be used for working capital and general corporate purposes. The firm said it expects the financing, along with its cash on hand, to extend its cash runway into the third quarter of 2025.

The company said each share of the preferred stock is convertible into 110 shares of the company’s common stock. More on Cyclacel Pharmaceuticals David Lazar acquires Cyclacel Pharmaceuticals preferred stock, becomes interim CEO; stock jumps Financial information for Cyclacel Pharmaceuticals.