<SEC-DOCUMENT>0001571049-16-013329.txt : 20160324
<SEC-HEADER>0001571049-16-013329.hdr.sgml : 20160324
<ACCEPTANCE-DATETIME>20160324161829
ACCESSION NUMBER:		0001571049-16-013329
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160324
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160324
DATE AS OF CHANGE:		20160324

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cyclacel Pharmaceuticals, Inc.
		CENTRAL INDEX KEY:			0001130166
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				911766850
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50626
		FILM NUMBER:		161527276

	BUSINESS ADDRESS:	
		STREET 1:		200 CONNELL DRIVE
		STREET 2:		SUITE 1500
		CITY:			BERKELEY HEIGHTS
		STATE:			NJ
		ZIP:			07922
		BUSINESS PHONE:		908-517-7330

	MAIL ADDRESS:	
		STREET 1:		200 CONNELL DRIVE
		STREET 2:		SUITE 1500
		CITY:			BERKELEY HEIGHTS
		STATE:			NJ
		ZIP:			07922

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	XCYTE THERAPIES INC
		DATE OF NAME CHANGE:	20001218
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>t1600826_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report (Date of earliest event
reported): March 24, 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CYCLACEL PHARMACEUTICALS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 34%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><FONT STYLE="font-size: 10pt"><B>0-50626</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><FONT STYLE="font-size: 10pt"><B>91-1707622</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(State
                                    or other jurisdiction</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>of
        incorporation)</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Commission File Number)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(IRS
                                    Employer</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Identification
        No.)</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>200 Connell Drive, Suite 1500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Berkeley Heights, NJ 07922</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive offices
and zip code)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registrant&rsquo;s telephone number,
including area code: (908) 517-7330</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Former Name or Former Address, if Changed
Since Last Report)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see </I>General
Instruction A.2. below): </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD><B>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</B></TD></TR></TABLE>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD><B>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</B></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD><B>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</B></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD><B>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.02 Results of Operations and Financial Condition.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information set forth under this &ldquo;Item
2.02. Results of Operations and Financial Condition,&rdquo; including the exhibit attached hereto, shall not be deemed &ldquo;filed&rdquo;
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference
into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such
filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Attached as Exhibit 99.1 is a copy of a
press release of Cyclacel Pharmaceuticals, Inc. (the &ldquo;<B>Company</B>&rdquo;), dated March 24, 2016, announcing certain financial
results for the fourth quarter and fiscal year ended December 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will conduct a conference call
to review its financial results on March 24, 2016, at 4:30 p.m., Eastern Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="vertical-align: top; width: 10%">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Number</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 88%; text-align: center"><FONT STYLE="font-size: 8pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Press release announcing financial results for the fourth quarter and fiscal year ended December 31, 2015, dated March 24, 2016.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>CYCLACEL PHARMACEUTICALS, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 44%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Paul McBarron</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Paul McBarron</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Executive Vice President&mdash;Finance,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Chief Financial Officer
        and Chief Operating</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Officer</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: March 24, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>t1600826_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="ex99-1logo.jpg" ALT=""></FONT></TD>
    <TD STYLE="width: 35%; font: 12pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cyclacel
    Pharmaceuticals, Inc.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="pg1.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>CYCLACEL PHARMACEUTICALS REPORTS FOURTH
QUARTER AND FULL YEAR 2015 FINANCIAL RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>&mdash; Conference Call Scheduled
March 24, 2016 at 4:30 p.m. EDT &mdash;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Berkeley Heights, NJ, March 24, 2016
</B>- Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; &quot;Cyclacel&quot; or the &quot;Company&quot;), a biopharmaceutical
company developing oral therapies that target the various phases of cell cycle control for the treatment of cancer and other serious
disorders, today reported its financial results and business highlights for the fourth quarter and full year ended December 31,
2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s net loss applicable
to common shareholders for the fourth quarter ended December 31, 2015 was $3.4 million, or $0.10 per basic and diluted share,
compared to net loss applicable to common shareholders of $4.8 million, or $0.21 per basic and diluted share for the fourth quarter
ended December 31, 2014. As of December 31, 2015, cash and cash equivalents totaled $20.4 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&ldquo;In SEAMLESS,
our Phase 3 pivotal study in acute myeloid leukemia (AML), approximately 4% of required events remain to be observed before mature
data become available, expected around the first half of 2016 or approximately 18 months after completion of enrollment,&rdquo;
said Spiro Rombotis, President and Chief Executive Officer of Cyclacel. &ldquo;The primary endpoint of the study is overall survival.
After top-line data readout, the mature data will be evaluated for submissibility to regulatory authorities. In parallel, we have
been progressing our CDK inhibitor programs. We have reported encouraging interim data from the ongoing Phase 1/2 combination
trial of seliciclib and sapacitabine in solid tumor patients, including durable partial responses and stable disease in patients
with BRCA positive breast, ovarian and pancreatic cancers. In particular, two ongoing patients with BRCA positive breast cancer
have achieved over 1 and 4.5 years of treatment, respectively. In light of these data and investigator interest, we have started
an extension cohort in a BRCA-enriched population of breast cancer patients. Last fall we initiated a first-in-human, Phase 1
study of CYC065, our second-generation CDK2/9 inhibitor, in patients with solid tumors and lymphomas following extensive preclinical
data in the literature suggesting broad activity of CYC065 in both liquid and solid tumor models. The Cyclacel team continues
to pursue the vision of our founders, as appreciation of the importance of CDK inhibitors is increasing among the medical community.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Recent Business Highlights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>SEAMLESS
Study</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Continued
                                         follow up of patients enrolled in SEAMLESS, a Phase 3 study of orally-administered sapacitabine
                                         alternating with intravenous decitabine compared to decitabine alone, as first-line treatment
                                         in patients aged 70 years or older with AML.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Approximately
                                         4% of the pre-specified events remain to be observed until mature data become available
                                         for analysis.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Submitted
                                         to the European Medicines Agency (EMA) a Paediatric Investigation Plan application for
                                         sapacitabine.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; padding-left: 0.5in"><FONT STYLE="font-family: Wingdings; font-size: 8pt">&#254;</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;200
    Connell Drive, Suite 1500, Berkeley Heights, New Jersey&nbsp;&nbsp;07922, USA&nbsp;&nbsp;Tel +1 (908) 517 7330 Fax +1 866
    271 3466</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.5in"><FONT STYLE="font-family: Wingdings; font-size: 8pt">&#168;</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;Dundee
    Technopole, James Lindsay Place, Dundee, DD1 5JJ, UK Tel +44 1382 206 062 Fax +44 1382 206 067</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-decoration: none; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><U>www.cyclacel.com</U>&nbsp;&nbsp;&ndash;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><U>info@cyclacel.com</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Cyclin
Dependent Kinase 2/9 (CDK2/9) Inhibitor Programs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Dosed
                                         first patients in an extension cohort of the Phase 1/2 combination study of seliciclib
                                         and sapacitabine in a population of BRCA-positive breast cancer patients. In the first
                                         part of the study, several patients with BRCA positive breast, ovarian and pancreatic
                                         cancers achieved durable partial responses and stable disease</FONT>.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Continued
                                         patient recruitment in the first-in-human trial of CYC065, a second-generation CDK2/9
                                         inhibitor, to evaluate the safety, tolerability and pharmacokinetic profile of CYC065
                                         in patients with solid tumors and lymphomas.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Presented
                                         preclinical data on the molecular rationale and therapeutic potential in both hematologic
                                         and solid tumors of CYC065 at several medical conferences during the fourth quarter,
                                         including the Society of Hematologic Oncology (SOHO) 2015 Annual Meeting, the AACR-NCI-EORTC
                                         International Conference, the San Antonio Breast Cancer Symposium (SABCS) and the Neuroblastoma
                                         UK Annual Meeting.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Cyclacel&rsquo;s Key Milestones for
2016</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Sapacitabine
in SEAMLESS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Continue
                                         follow-up of patients until the requisite number of events occur, which is anticipated
                                         around the end of the first half of 2016.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Report
                                         top-line results.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Determine
                                         submissibility to regulatory authorities for marketing approval following analysis of
                                         the mature data set.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Progress
                                         a Paediatric Investigation Plan for sapacitabine with the EMA.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Sapacitabine
in myelodysplastic syndromes (MDS):</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Initiate
                                         a Phase 1/2 trial of sapacitabine in combination with other agents to determine safety
                                         and tolerability.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Plan
                                         a Phase 2 randomized controlled trial (RCT) of sapacitabine in combination with other
                                         agents following review of all relevant clinical data with mature follow-up.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>CDK Inhibitor
Programs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Progress
                                         the seliciclib and sapacitabine Phase 1/2 study in an extension cohort of breast cancer
                                         patients enriched for BRCA mutations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Report
                                         updated Phase 1 seliciclib and sapacitabine combination data in approximately 60 patients
                                         with advanced solid tumors.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Report
                                         top-line results of the CYC065 Phase 1 trial in patients with solid tumors and lymphomas.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Present
                                         additional preclinical data on CYC065 at the upcoming AACR conference in April.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Report
                                         data when available from on-going investigator sponsored trials (ISTs) evaluating seliciclib
                                         in patients with Cushing&rsquo;s disease and rheumatoid arthritis. Seliciclib is also
                                         being evaluated in cystic fibrosis through a license and supply agreement with ManRos
                                         Therapeutics.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Fourth Quarter
2015 Financial Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>Grant Revenue</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Revenue for the three months ended December
31, 2015 was $0.4 million compared to $0.2 million for the same period of the previous year. The revenue is related to previously
awarded grants from the UK government being recognized over the period to progress CYC065 to IND and complete IND-directed preclinical
development of CYC140, a novel, orally available, Polo-Like Kinase 1 (PLK 1) inhibitor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>Research and Development Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Research and development expenses decreased
to $2.6 million for the three months ended December 31, 2015 compared to $4.4 million for the same period in the previous year.
The decrease was primarily due to reduced study and clinical supply costs associated with the SEAMLESS Phase 3 trial, which completed
enrolment in December 2014, offset by increased expenditures primarily related to the first-in-human, Phase 1 study of CYC065
and grant supported research and development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>General and Administrative Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">General and administrative expenses for
the three months ended December 31, 2015 increased to $1.7 million, compared to $1.6 million for the same period in 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Based on current plans, the Company estimates
that it has capital resources to reach beyond the final analysis of SEAMLESS and continue existing programs through the end of
2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>Conference call and Webcast Information</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Cyclacel will conduct a conference call
on March 24, 2016 at 4:30&nbsp;p.m. EDT to review the fourth quarter and full year 2015 results. Conference call and webcast details
are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Conference call information:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">US/Canada call: (877) 493-9121/ international
call: (973) 582-2750</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">US/Canada archive: (800) 585-8367 / international
archive: (404) 537-3406</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Code for live and archived conference
call is 72403768</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the live and archived webcast, please
visit the Corporate Presentations and Events page on the Cyclacel website at <U>www.cyclacel.com</U>. The webcast will be archived
for 90 days and the audio replay for 7 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>About Cyclacel Pharmaceuticals, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Cyclacel is
a biopharmaceutical company developing oral therapies that target the various phases of cell cycle control for the treatment of
cancer and other serious diseases. Sapacitabine, Cyclacel's most advanced product candidate, is the subject of SEAMLESS, a Phase
3 trial, which has completed enrollment and is being conducted under an SPA with the U.S. Food and Drug Administration (FDA) as
front-line treatment for acute myeloid leukemia (AML) in the elderly, and other indications, including myelodysplastic syndromes
(MDS). Cyclacel's pipeline includes an oral regimen of seliciclib in combination with sapacitabine in a Phase 1 study of patients
with solid tumors, including BRCA positive cancers, and CYC065, a novel CDK2/9 inhibitor, in a Phase 1 study of patients with
solid tumors and lymphomas with potential utility in both hematological malignancies and solid tumors. Cyclacel's strategy is
to build a diversified biopharmaceutical business focused in hematology and oncology based on a development pipeline of novel
drug candidates. Please visit <U>www.cyclacel.com</U> for more information.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Forward-looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This news release contains certain forward-looking
statements that involve risks and uncertainties that could cause actual results to be materially different from historical results
or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements
regarding, among other things, the efficacy, safety and intended utilization of Cyclacel's product candidates, the conduct and
results of future clinical trials, plans regarding regulatory filings, future research and clinical trials and plans regarding
partnering activities. Factors that may cause actual results to differ materially include the risk that product candidates that
appeared promising in early research and clinical trials do not demonstrate safety and/or efficacy in larger-scale or later clinical
trials, trials may have difficulty enrolling, Cyclacel may not obtain approval to market its product candidates, the risks associated
with reliance on outside financing to meet capital requirements, and the risks associated with reliance on collaborative partners
for further clinical trials, development and commercialization of product candidates. You are urged to consider statements that
include the words &quot;may,&quot; &quot;will,&quot; &quot;would,&quot; &quot;could,&quot; &quot;should,&quot; &quot;believes,&quot;
&quot;estimates,&quot; &quot;projects,&quot; &quot;potential,&quot; &quot;expects,&quot; &quot;plans,&quot; &quot;anticipates,&quot;
&quot;intends,&quot; &quot;continues,&quot; &quot;forecast,&quot; &quot;designed,&quot; &quot;goal,&quot; or the negative of those
words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties
the Company faces, please refer to our most recent Annual Report on Form 10-K and other periodic and other filings we file with
the Securities and Exchange Commission and are available at <U>www.sec.gov</U>. Such forward-looking statements are current only
as of the date they are made, and we assume no obligation to update any forward-looking statements, whether as a result of new
information, future events or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Contacts for Cyclacel Pharmaceuticals,
Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Company: Paul McBarron, (908) 517-7330,
<U>pmcbarron@cyclacel.com</U></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Investor Relations: Russo Partners LLC,
Robert Flamm, (212) 845-4226, <U>robert.flamm@russopartnersllc.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&copy;
Copyright 2016 Cyclacel Pharmaceuticals, Inc. All Rights Reserved. The Cyclacel logo and Cyclacel&reg; are trademarks of Cyclacel
Pharmaceuticals, Inc.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">CYCLACEL PHARMACEUTICALS, INC.</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">CONSOLIDATED STATEMENTS OF <FONT STYLE="color: windowtext">OPERATIONS</FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(In $000s, except share and per share amounts)</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended&nbsp;<BR> December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">Years&nbsp;Ended<BR> &nbsp;December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; text-align: center">(Unaudited)</TD><TD STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; text-align: center">(Unaudited)</TD><TD STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-indent: -0.1in; padding-left: 0.1in">Revenues:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 9pt">Grant revenue</TD><TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="width: 10%; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">247</TD><TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="width: 10%; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">424</TD><TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="width: 10%; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">1,734</TD><TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="width: 10%; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">1,694</TD><TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Collaboration and research and development revenue</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">250</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Total revenues</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">247</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">424</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">1,734</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">1,944</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Operating expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 9pt">Research and development</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">4,416</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">2,559</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">18,277</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">12,382</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 9pt">General and administrative</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">1,613</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">1,726</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">5,894</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">5,752</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Total operating expenses</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">6,029</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">4,285</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">24,171</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">18,114</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Operating loss</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(5,782</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(3,861</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(22,437</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(16,170</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Other income (expense):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 9pt">Change in valuation of financial instruments associated with stock purchase agreement</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(227</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(342</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(51</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 9pt">Change in valuation of liabilities measured at fair value</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">20</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 9pt">Foreign exchange gains</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">13</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(14</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(10</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(368</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 9pt">Interest income</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">1</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">4</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">6</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">9</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Other income, net</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">88</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(1</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">114</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">94</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total other income (expense), net</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(125</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(11</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(212</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(316</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Loss from continuing operations before taxes</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(5,907</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(3,872</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(22,649</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(16,486</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Income tax benefit</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">1,108</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">498</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">3,243</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">2,144</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Net loss from continuing operations</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(4,799</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(3,374</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(19,406</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(14,342</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Discontinued operations:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Income from discontinued operations</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">29</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Income tax on discontinued operations</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(10</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Net income from discontinued operations</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">19</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Net loss</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(4,799</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(3,374</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(19,387</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(14,342</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Deemed dividend on convertible exchangeable <BR> preferred shares</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Dividend on convertible exchangeable preferred shares</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(50</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(51</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(200</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(201</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Net loss applicable to common shareholders</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(4,849</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(3,425</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(19,587</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(14,543</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Net loss per share, continuing operations &mdash; basic <BR> and diluted</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(0.21</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(0.10</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(0.89</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(0.45</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Net (loss) income per share, discontinued operations &mdash; basic and diluted</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">0.00</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">0.00</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">0.00</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">0.00</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Net loss per share &mdash; basic and diluted</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(0.21</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(0.10</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(0.89</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">(0.45</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Weighted average common shares outstanding</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">22,986,528</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">34,976,268</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">21,955,381</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">32,557,146</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>CYCLACEL PHARMACEUTICALS, INC.</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(In $000s, except share, per share,
and liquidation preference amounts) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Current assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-family: Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="width: 12%; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">24,189</TD><TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="width: 12%; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">20,440</TD><TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Prepaid expenses and other current assets</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">4,640</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">4,050</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt">Current assets of discontinued operations</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">171</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">76</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: -0.1in; padding-left: 0.35in">Total current assets</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">29,000</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">24,566</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Property, plant and equipment (net)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">387</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">198</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.35in">Total assets</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">29,387</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">24,764</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Current liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Accounts payable</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">2,792</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">1,940</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Accrued and other current liabilities</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">4,626</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">3,738</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt">Current liabilities of discontinued operations</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">75</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">75</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: -0.1in; padding-left: 0.35in">Total current liabilities</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">7,493</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">5,753</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Other liabilities</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">206</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">176</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: -0.1in; padding-left: 0.35in">Total liabilities</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">7,699</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">5,929</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Stockholders&rsquo; equity</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">21,688</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">18,835</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: -0.1in; padding-left: 0.35in">Total liabilities and stockholders&rsquo; equity</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">29,387</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">24,764</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">SOURCE: Cyclacel Pharmaceuticals, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
