Cyclacel Pharmaceuticals Granted Extension by Nasdaq to Regain Compliance with Equity Standard Rule

Cyclacel Pharmaceuticals, Inc. filed a Form 8-K with the Securities and Exchange Commission on October 22, 2024, announcing that the Company received an extension from Nasdaq to regain compliance with the equity requirement under Nasdaq Listing Rule 5550(b)(1) (the “Equity Standard Rule”).

The Company had previously faced potential delisting from The Nasdaq Stock Market due to its violation of the Equity Rule, as discussed during a meeting with the Nasdaq Hearings Panel on October 15, 2024. Subsequently, on October 22, 2024, the Panel granted Cyclacel Pharmaceuticals until December 24, 2024, to rectify the compliance issue. Failure to meet the stipulated deadline could result in the delisting of the Company’s securities from Nasdaq.

In response to the extension granted, Cyclacel Pharmaceuticals, Inc. released a press statement on October 24, 2024, highlighting Nasdaq’s decision to provide additional time for the Company to address the deficiency in stockholders’ equity. The notification emphasized that this extension does not immediately impact the listing status of the Company’s common stock on Nasdaq.

Cyclacel Pharmaceuticals is a biopharmaceutical company engaged in the development of innovative cancer therapies based on cell cycle, transcriptional regulation, and mitosis biology. The Company’s current programs focus on evaluating fadraciclib, a CDK2/9 inhibitor under the transcriptional regulation program, as well as plogosertib, a PLK1 inhibitor within the anti-mitotic program, across patients with solid tumors and hematological malignancies.

Despite the granted extension, there are no guarantees that Cyclacel Pharmaceuticals will successfully meet the imposed deadlines or regain full compliance with Nasdaq’s listing standards. The Nasdaq Listing and Hearing Review Council retain the authority to review the Panel’s decision within a 45-day window following the issuance of the written decision.

Investors are advised to consider the inherent risks associated with the Company’s ability to navigate these challenges and comply with Nasdaq’s continued listing requirements. Further updates on Cyclacel Pharmaceuticals’ progress in addressing the compliance issues are pending as the Company strives to maintain its listing on Nasdaq.

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.

Cyclacel Pharmaceuticals Company Profile

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.