Cyclacel Pharmaceuticals Announces Agreement for the Acquisition of Preferred Stock by David Lazar

BERKELEY HEIGHTS, N.J., Jan. 03, 2025 (GLOBE NEWSWIRE) -- Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; "Cyclacel" or the "Company") today announced that the Company entered into a securities purchase agreement (“Agreement”) with investor David Lazar (“Lazar”), pursuant to which he agreed to purchase from the Company 1,000,000 shares of Series C Convertible Preferred Stock (the “C Preferred Stock”) and 2,100,000 shares of Series D Convertible Preferred Stock (the “D Preferred Stock”) of Cyclacel at a purchase price of $1.00 per share for aggregate gross proceeds of $3.1 million, subject to the terms and conditions of the Agreement. The proceeds of the transaction will be used to settle outstanding liabilities of the Company and other general corporate and operating purposes.