Aspire Capital Fund to Purchase Up to $20M of Cyclacel Common Stock for $6.29/Share
Cyclacel Pharmaceuticals (NASDAQ: CYCC) (NASDAQ: CYCCP) today announced that it has entered into a common stock purchase agreement (the Purchase Agreement) with Aspire Capital Fund, LLC (Aspire). Aspire has committed to purchase up to $20 million of Cyclacel's common stock from time to time as directed by Cyclacel over the next two years at prices based on the market price at the time of each sale. Upon execution of the Purchase Agreement, Aspire invested $1 million in Cyclacel common stock at a per share price equal to the closing price of $6.29 on December 13, 2012 the date upon which the business terms were agreed to between Cyclacel and Aspire Capital.
"We are pleased to have entered into this agreement with Aspire who enjoys an excellent reputation as an investor," said Spiro Rombotis, President and Chief Executive Officer of Cyclacel. "As we advance SEAMLESS, our Phase 3, registration-directed study, along with other clinical trials for sapacitabine, we plan to use the Aspire agreement