Cyclacel Pharmaceuticals interim CEO David Lazar sells $5.5 million in stock

In a recent transaction, David E. Lazar, the Interim CEO of Cyclacel Pharmaceuticals , Inc. (NASDAQ:CYCC), sold a significant portion of his holdings in the company. On February 26, 2025, Lazar sold 194,628,820 shares of Cyclacel common stock in a private transaction, generating a total of approximately $5.5 million. The shares were sold at a price of $0.0283 per share, significantly below the current trading price of $0.33. According to InvestingPro data, the company’s market capitalization stands at just $2.03 million, with the stock down 86% over the past year.

This sale follows a series of conversions of preferred stock into common stock. Lazar converted 1,000,000 shares of Series C Convertible Preferred Stock and 1,745,262 shares of Series D Convertible Preferred Stock into common stock. These conversions were executed at no additional cost, as both series of preferred stock are convertible at the option of the holder without any further consideration.

Following these transactions, Lazar no longer holds any shares of Cyclacel common stock.

In other recent news, Cyclacel Pharmaceuticals has made several noteworthy announcements. The company reported the voluntary liquidation of its UK subsidiary, Cyclacel Limited, as part of a strategy to streamline operations and focus on key drug development. This move is expected to increase Cyclacel’s stockholders’ equity by approximately $5.6 million, which will be reflected in their upcoming financial statements. Additionally, Cyclacel plans to acquire plogosertib, a drug currently in Phase 1 clinical trials, from the liquidators.

Cyclacel Pharmaceuticals also amended a securities purchase agreement with its interim CEO, David Lazar, allowing for the potential purchase of up to $8 million in company stock. This amendment includes a revised purchase price mechanism and a six-month lock-up period for any shares acquired. Furthermore, the company has adjusted shareholder rights, notably removing ownership limitations on its Series C and Series D Convertible Preferred Stock, and increasing its authorized common stock from 100 million to 250 million shares.

In a separate development, Cyclacel corrected an error in a previous agreement regarding board appointments. The company clarified that David Lazar was not appointed to the board or as Chairman, but has the right to appoint a single board member, which he exercised. These updates reflect Cyclacel’s ongoing efforts to maintain accurate corporate governance and strategic focus on its core operations.

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