Cyclacel Pharmaceuticals Announces Creditors Voluntary Liquidation of UK Subsidiary

On January 31, 2025, Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC) made public the voluntary liquidation of its United Kingdom subsidiary, Cyclacel Limited. The board of directors of the Company decided to place the subsidiary into Creditors Voluntary Liquidation (CVL), with joint liquidators James Hopkirk and Carrie James of Kreston Reeves LLP appointed to oversee the process. This move aligns with Cyclacel’s strategic plan to explore alternatives and reduce operating expenses.

As part of the liquidation, Cyclacel Pharmaceuticals plans to acquire plogosertib, a Polo-like kinase inhibitor that has advanced to Phase 1 clinical studies. The company intends to enhance this program by developing a new oral formulation with improved bioavailability. In a bid to cut operational costs, Cyclacel Pharmaceuticals will concentrate solely on the plogosertib program, leading to the marketing for sale of fadraciclib, the subsidiary’s other drug development initiative, through Hilco Appraisals Limited.

Following the liquidation of the Subsidiary, Cyclacel Pharmaceuticals will no longer maintain control over it, resulting in the deconsolidation of its financial results from those of the Company. This deconsolidation is anticipated to enhance stockholders’ equity by approximately $5.6 million and will be reflected in the Company’s Form 10-Q for the quarter ending March 31, 2025.

The Company has issued forward-looking statements cautioning that actual results may differ materially from historical or projected outcomes. Cyclacel Pharmaceuticals encourages stakeholders to consider uncertainties regarding the acquisition of plogosertib and acknowledges potential risks, as highlighted in its filings with the Securities and Exchange Commission.

This Current Report Form 8-K filing serves as a transparent disclosure of Cyclacel Pharmaceuticals’ recent strategic decisions, emphasizing its dedication to optimizing operations and advancing key drug development programs.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Cyclacel Pharmaceuticals’s 8K filing here.

Cyclacel Pharmaceuticals Company Profile

Cyclacel Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops medicines for the treatment of cancer and other proliferative diseases in the United States, the United Kingdom, and internationally. The company's lead product includes fadraciclib, a cyclin dependent kinase Inhibitors (CDK) that is in Phase 1/2 clinical trial for the treatment of solid tumors and hematological malignancies, as well as in combination with venetoclax to treat relapsed or refractory chronic lymphocytic leukemia; and Plogosertib, a polo-like kinase inhibitor program, which is in Phase 1/2 clinical trial for the treatment of advanced solid tumors and hematological malignancies.