Cyclacel completes global series C private placement

Investee Company – Cyclacel Ltd. (UK)

Investee Company Business Type – Cancer therapeutics company

Type of Financing – Series C private placement

Equity Providers – INVESCO Private Capital, BankInvest, Lloyds TSB Development Capital, Vertex Management, GeneChem Management, Singapore Economic Development Board, Noble Grossart, Quester, Finsbury Life Sciences, Dresdner Kleinwort Capital, Merifin Capital, Merlin Biosciences, Northern Ventures, and Scottish Equity Partners

Equity Leader (Individual) – Parag Saxena INVESCO Private Capital

Debt Providers – No debt financing provided

Debt Type – N/A

Debt Leader (Individual) – N/A

Equity Amount – £34 million (euro55.5 million)

Total Deal Value – £34 million (euro55.5 million)

Other Advisors – Dresdner Kleinwort Wasserstein advised Cyclacel

Comments – Cyclacel researches natural cancer-stopping genes in order to develop small molecule drugs with similar properties. The cancer therapeutics company attracted a lot of potential investors for this round of financing, and was oversubscribed. INVESCO Private Capital led the financing round and co-ordinated all the investors.

The proceeds, after expenses will fund operations for the next two years and beyond, and will be used to advance several candidates from the company’s drug discovery and development capabilities. Spiro Rombotis, Cyclacel’s chief executive officer, said: “We can deliver our vision of discovering novel cancer drugs based on world class understanding of the biology understanding the disease.”

Mr Saxena, managing director of INVESCO, who is taking a seat on the board of Cyclacel, said of the investment: “The Company’s strategic positioning, its technology and its experienced management team present an excellent investment opportunity. We are looking forward to helping Cyclacel achieve its potential.”