Cyclacel Pharmaceuticals Shares Surge After Q4 Results

Shares of

surged more than 6 percent in after-hours trading after the company reported its financial results for the fourth quarter. Net loss applicable to common shareholders widened to $4.8 million, or $0.21 per share in the fourth quarter, versus a year-ago net loss of $3.6 million, or $0.20 per share. However, analysts were expecting a loss of $0.26 per share. Its revenue for the three months slipped to $247 thousand from $299 thousand in the year-ago period. Research and development expenses rose to $4.4 million from $2.5 million, while general and administrative expenses for the fourth quarter declined to $1.6 million versus $1.8 million in the year-ago quarter. As of December 31, 2014, the company had $24.2 million in cash and cash equivalents. "2014 was a defining year for Cyclacel as we completed enrollment of our SEAMLESS study, one of the largest Phase 3 trials as front-line treatment of elderly patients with acute myeloid leukemia (AML), and also completed Investigational New Drug (IND)-directed development of CYC065, a cyclin dependent kinase (CDK) inhibitor, the area of research Cyclacel was founded to pursue," said Spiro Rombotis, President and Chief Executive Officer of Cyclacel. Cyclacel Pharmaceuticals shares gained 6.25 percent to $1.02 in the after-hours trading session.