I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community.
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BERKELEY HEIGHTS, N.J., August 18, 2019 – Shares of Cyclacel Pharmaceuticals Inc (NASDAQ: CYCC) showed the bullish trend with a higher momentum of 1.20% to $0.47. The company traded total volume of 222.229K shares as contrast to its average volume of 582.91K shares. The company has a market value of $8.01M and about 17.22M shares outstanding.
Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP) reported financial results for the first quarter 2019 with net loss applicable to common shareholders for the three months ended March 31, 2019 was $1.90M. As of March 31, 2019 cash and cash equivalents totaled $17.90M.
As of March 31, 2019, cash and cash equivalents totaled $17.90M contrast to $17.50M as of December 31, 2018. The increase of $0.40M in the three months was mainly because of net proceeds from a Common Stock Sales Agreement with H.C. Wainwright of $4.1m, offset by net cash used in operating activities of $3.70M. The Sales Agreement was concluded in the first quarter 2019.
Research and development expenses were $1.00M for the three months ended March 31, 2019 contrast to $0.80M for the same period in 2018.
General and administrative expenses were $1.20M for the three months ended March 31, 2019 contrast to $1.40M for the same period in 2018.
Other income, net for the three months ended March 31, 2019 was $0.10M contrast to $0.60M for the same period of the previous year.
The United Kingdom R&D and tax credit was $0.30M for the three months ended March 31, 2019 contrast to $0.20M for the same period in 2018.
Net loss for the three months ended March 31, 2019 was $1.80M contrast to $1.30M for the same period in 2018. With the projected cash-sparing benefits accruing from the MD Anderson alliance the Company believes that cash and marketable securities, which were about $17.90M as of March 31, 2019, will be sufficient to finance operations through the end of 2020.
ROE was recorded as -46.90% while beta factor was 2.91. The stock, as of recent close, has shown the weekly downbeat performance of -13.87% which was maintained at -23.12% in this year.