Cyclacel grosses $45mm in private placement

Cyclacel Pharmaceuticals (cancer therapeutics) grossed $45.3mm through the private placement of 6.4mm units priced at $7.05 apiece (a slight discount to the market average). Each unit consisted of one common share and a warrant to purchase 0.40 shares of common stock. Investors, which included Atlas Master Fund, Visium, SF Capital, Capital Ventures, Magnetar, Federated Kaufman, Deerfield Partners, Baker Biotech, and Red Abbey, also received five-year warrants to purchase an additional 2.57mm common shares at $7 each. The company will use the funds for development of its anticancer candidates seliciclib, sapacitabine, and CYC116.