Cyclacel Pharmaceuticals Announces Receipt of $4.7 Million R&D Tax Credit
03 May 2023 - 11:15PM
Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP;
"Cyclacel" or the "Company"), a biopharmaceutical company
developing innovative medicines based on cancer cell biology,
announced that it received a payment of £3.9 million ($4.7 million)
as a research & development (R&D) tax credit from HMRC, the
tax agency of the United Kingdom government. The tax credit is for
R&D costs incurred in the year ended December 31, 2022 and
represents the amount disclosed in the company’s audited financial
statements at December 31, 2022.
“The R&D tax credit is an important source
of non-dilutive capital. We appreciate the UK government’s support
as we develop our novel, oral medicines, fadraciclib and
plogosertib, to address unmet medical needs of oncology patients,
including patients with women’s cancers and lymphoma,” said Paul
McBarron, Executive Vice President, Finance & Chief Operating
Officer.
About Cyclacel Pharmaceuticals,
Inc.
Cyclacel is a clinical-stage,
biopharmaceutical company developing innovative cancer medicines
based on cell cycle, transcriptional regulation and mitosis
biology. The transcriptional regulation program is evaluating
fadraciclib, a CDK2/9 inhibitor, and the anti-mitotic program
plogosertib, a PLK1 inhibitor, in patients with both solid tumors
and hematological malignancies. Cyclacel’s strategy is to build a
diversified biopharmaceutical business based on a pipeline of novel
drug candidates addressing oncology and hematology indications. For
additional information, please visit www.cyclacel.com.
Contacts
Company: |
Paul McBarron, (908) 517-7330, pmcbarron@cyclacel.com |
Investor Relations: |
Grace Kim, IR@cyclacel.com |
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Cyclacel Pharmaceuticals, Inc.
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