Cyclacel Pharmaceuticals Corrects Inadvertent Error in Securities Purchase Agreement

On January 9, 2025, Cyclacel Pharmaceuticals, Inc. made an important announcement regarding an amendment to its Securities Purchase Agreement with David E. Lazar. The Addendum to the Purchase Agreement was established to rectify an inadvertent mistake in the original agreement.

The clarification was necessary to accurately reflect the intentions of the involved parties. The Addendum, pursuant to section 2.3(a)(v) of the Purchase Agreement, confirms that Mr. Lazar has not been designated as a member of the company’s board of directors and will not be assuming the role of Chairman of the Board. It was clarified that Mr. Lazar retains the right to appoint one member to the Board, which has been filled by David Natan, who now serves as the Chairman of the audit committee.

Aside from the Addendum, all other provisions of the Purchase Agreement and its exhibits remain unchanged and valid. A copy of the Addendum has been included as Exhibit 10.1 in the Form 8-K filing, available for reference.

In light of this development, Cyclacel Pharmaceuticals continues its operations with clarity in its agreements and leadership roles, ensuring transparency and adherence to corporate governance standards.

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.

About Cyclacel Pharmaceuticals

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.