<SEC-DOCUMENT>0001571049-16-019856.txt : 20161114
<SEC-HEADER>0001571049-16-019856.hdr.sgml : 20161111
<ACCEPTANCE-DATETIME>20161114161614
ACCESSION NUMBER:		0001571049-16-019856
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20161114
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161114
DATE AS OF CHANGE:		20161114

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:		161994991

	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>t1602765_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt 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">&nbsp;</P>

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

<P STYLE="font: 18pt 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">&nbsp;</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d)</B></P>

<P STYLE="font: 12pt 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">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report (Date of earliest event
reported): November 14, 2016</B></P>

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

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

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

<P STYLE="font: 24pt 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-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&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%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%; text-align: center"><FONT STYLE="font-size: 10pt"><B>0-50626</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 31%; text-align: center"><FONT STYLE="font-size: 10pt"><B>91-1707622</B></FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: top; font-size: 8pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>(State
        or other jurisdiction</B></FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>of
        incorporation)</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(Commission File Number)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>(IRS
        Employer</B></FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><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: 8pt 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">&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-align: center">&nbsp;</P>

<P STYLE="font: 8pt 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-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

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

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

<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>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</B></TD></TR></TABLE>

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

<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>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</B></TD></TR></TABLE>

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

<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>

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

<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; text-align: justify">&nbsp;</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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 November 14, 2016, announcing certain
financial results for the third quarter ended September 30, 2016.</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 November 14, 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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<TR>
    <TD STYLE="vertical-align: top; width: 10%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Exhibit</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Number</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 88%; border-bottom: black 1pt solid; 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 third quarter ended September 30, 2016, dated November 14, 2016.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</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: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Paul McBarron</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</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>&nbsp;</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer and Chief Operating Officer</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">Date: November 14, 2016</P>

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


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>t1602765_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0; text-align: right; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Exhibit
99.1</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;<IMG SRC="t1602765_ex99-1logo1.jpg" ALT=""></TD>
    <TD STYLE="width: 50%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cyclacel Pharmaceuticals, Inc.</FONT></TD></TR>
</TABLE>


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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="t1602765_ex99-1logo2.jpg" ALT="">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white"><B>CYCLACEL PHARMACEUTICALS
REPORTS 3<SUP>rd</SUP> QUARTER 2016 FINANCIAL RESULTS</B></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white"><B><I>Conference
Call Scheduled November 14, 2016 at 4:30 p.m. ET </I></B></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><B>BERKELEY HEIGHTS, NJ, Nov. 14,
2016</B> &mdash; 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 financial results and business highlights for the third quarter ended September
30, 2016.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">The Company's net loss applicable
to common shareholders for the third quarter ended September 30, 2016 was $3.0 million, or $0.86 per basic and diluted share, compared
to net loss applicable to common shareholders of $2.8 million, or $0.95 per basic and diluted share for the third quarter ended
September 30, 2015. As of September 30, 2016, cash and cash equivalents totaled $18.0 million.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&quot;<FONT STYLE="color: #222222">SEAMLESS,
a Phase 3 study of oral sapacitabine capsules, represents one of the largest clinical trials conducted in elderly patients with
AML who are unfit or refused intensive chemotherapy. Following completion of follow-up at the beginning of the quarter, we have
been conducting data validation operations,</FONT><FONT STYLE="color: #002C40">&rdquo; </FONT>said Spiro Rombotis, President and
Chief Executive Officer of Cyclacel. &ldquo;We are pleased to report that this process is nearing completion following which the
database will be locked and transferred to our statistical analysis vendor. We anticipate reporting top line results late in the
fourth quarter of 2016 or in early 2017.&rdquo;</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&ldquo;The collection and processing
of SEAMLESS Phase 3 data represent many years of effort in our search to offer a new treatment regimen for this older patient population.
We will soon analyze the data and determine whether the results warrant regulatory submissions,&quot; said Dr. Judy Chiao, VP,
Clinical Development and Regulatory Affairs.&nbsp;&quot;We are grateful to the patients, their families, the investigators and
their teams for their valuable contributions to this study.&rdquo;</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&ldquo;During the quarter data presented
at a pediatric cancer meeting demonstrated that CYC065, our second generation Cyclin Dependent Kinase (CDK) inhibitor, prolonged
survival in <I>MYCN</I>-addicted neuroblastoma models. The data further validate the mechanism of CYC065 and provide a rationale
for clinical investigation in neuroblastoma<I> </I>with<I> MYCN</I> amplification, a major oncogenic driver of this childhood cancer.<I>
</I>MYC family proteins are important therapeutic targets in other oncology indications, including certain solid tumors, leukemias
and lymphomas. Early clinical and preclinical data from our DNA damage response program suggest that our transcriptional CDK inhibitors
may have a synergistic effect with other anticancer agents, including sapacitabine. We look forward to reporting new data from
our ongoing clinical studies of sapacitabine and seliciclib in BRCA positive patients and of CYC065 in patients with solid tumors,&rdquo;
continued Mr. Rombotis.</P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><B>BUSINESS HIGHLIGHTS</B></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><B><I>SEAMLESS study </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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-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">Phase 3 study of oral sapacitabine capsules alternating with intravenous decitabine compared to
decitabine alone, as first-line treatment in patients aged 70 years or older with AML who are unfit or refused intensive chemotherapy;
cleaned and validated dataset being finalized and database lock imminent.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><B><I>DNA damage response program
</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-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>The Phase 1 combination of sapacitabine and seliciclib is continuing enrollment in an extension study in an enriched population
of BRCA positive patients with advanced breast cancer.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Cyclin dependent kinase (CDK) inhibitor program</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-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>Continued recruitment in Phase 1, first-in-human trial of CYC065, a CDK2/9 inhibitor, to evaluate safety, tolerability and
pharmacokinetics in patients with solid tumors. The sixth dose escalation level has been reached.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-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">Preclinical data presented at the Childhood Cancer Meeting 2016 demonstrated effectiveness of CYC065
against neuroblastoma models with an overexpression and amplification of <I>MYCN</I>, a driver of neuroblastoma.</TD></TR></TABLE>

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

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

<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>SEAMLESS
study</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 Calibri, Helvetica, Sans-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">Report top-line data and determination of submissibility to regulatory authorities, anticipated
late fourth quarter 2016 or early 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-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">Progress the Paediatric Investigation Plan for sapacitabine with the European Medicines Agency.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><B><I>DNA damage response program</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: 11pt Calibri, Helvetica, Sans-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">Progress Phase 1 sapacitabine and seliciclib extension cohort in a breast cancer patient population
enriched for BRCA mutations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-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">Initiate Phase 1 part 3, to include BRCA mutation positive, pancreatic and ovarian cancer patients.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><B><I>CDK Inhibitor Program</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: 11pt Calibri, Helvetica, Sans-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">Report top-line results of the CYC065 Phase 1 trial in patients with solid tumors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-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>Report data when available from ongoing investigator sponsored trials (ISTs) evaluating seliciclib in patients with Cushing&#8217;s
disease and rheumatoid arthritis. Additionally, seliciclib is being evaluated in cystic fibrosis though a license and supply agreement
with ManRos Therapeutics.<B><I> </I></B></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-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>Plan Phase 1/2 trial of sapacitabine in combination with other agents to determine safety and tolerability.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-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>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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; background-color: white"><B>THIRD QUARTER 2016 FINANCIAL RESULTS</B></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-weight: normal; font-style: normal">Cash
and cash equivalents totaled $18.0 million as of September 30, 2016 compared to $20.4 million at December 31, 2015. Approximately
$5.2 million was raised from the sale of common stock through the Company&rsquo;s at-the-market facility with FBR Capital Markets.
A further $1.5 million was received in October 2016 through this facility, resulting in a proforma cash balance as of September
30, 2016 of $19.5 million. Based on current plans, the Company estimates that it has capital resources to fund operations through
the second quarter of 2018.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">Revenue for the three months ended
September 30, 2016 was $0.2 million, compared to $0.7 million for the same period of the previous year, with the decrease primarily
related to grant revenue related to CYC065, for which the grant ended in December 2015.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">Research and development expenses
were $2.4 million for the three months ended September 30, 2016 and $2.9 million for the three months ended September 30, 2015.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">General and administrative expenses
were $1.3 million for the three months ended September 30, 2016 and $1.2 million for the three months ended September 30, 2015.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><B>CONFERENCE CALL AND WEBCAST INFORMATION:</B></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">Cyclacel will conduct a conference
call on November 14, 2016 at 4:30 p.m. Eastern Time to review the third quarter 2016 results. Conference call and webcast details
are as follows:</P>

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

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

<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">US/Canada call: (877) 493-9121/ international call: (973) 582-2750</P>

<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">US/Canada archive: (800) 585-8367 / international archive:
(404) 537-3406</P>

<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">Code for live and archived conference call is 14223368</P>

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

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

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

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">Cyclacel Pharmaceuticals is a clinical-stage
biopharmaceutical company using cell cycle control and DNA damage response biology to develop innovative, targeted medicines for
cancer and other proliferative diseases. The SEAMLESS randomized Phase 3 trial of sapacitabine as front-line treatment for AML
in the elderly under an SPA with FDA has completed enrollment and follow-up. Cyclacel's pipeline includes an oral combination
of seliciclib (CDK inhibitor) and sapacitabine in Phase 1 in advanced solid tumors, including patients with BRCA mutations; sapacitabine
in Phase 2 in MDS; and CYC065 (CDK inhibitor) in Phase 1 in solid tumors with potential utility based on preclinical data also
in hematological malignancies. Cyclacel's strategy is to build a diversified biopharmaceutical business focused in hematology
and oncology based on a pipeline of novel drug candidates. Please visit <U>www.cyclacel.com</U> for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; background-color: white"><B>FORWARD LOOKING STATEMENTS</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 25%; font: 11pt Calibri, Helvetica, Sans-Serif">Company:</td>
    <TD STYLE="width: 75%; font: 11pt Calibri, Helvetica, Sans-Serif">Paul McBarron, (908) 517-7330, <u>pmcbarron@cyclacel.com</u></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">Investor Relations:</td>
    <TD>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">Russo Partners LLC, Alexander Fudukidis, (646) 942-5632, <U>alex.fudukidis@russopartnersllc.com</U></P></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">&copy; Copyright 2016 Cyclacel Pharmaceuticals,
Inc. All Rights Reserved. The Cyclacel logo and Cyclacel&reg; are trademarks of Cyclacel Pharmaceuticals, Inc.</P>

<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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>CYCLACEL PHARMACEUTICALS,&nbsp;INC.</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>CONSOLIDATED STATEMENTS OF OPERATIONS</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 and per share
amounts)</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>(Unaudited)</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding: 0 0 5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding: 0 0 5pt">Three&nbsp;Months&nbsp;Ended<BR> September 30,</TD><TD STYLE="padding: 0 0 5pt; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding: 0 0 5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding: 0 0 5pt">Nine&nbsp;Months&nbsp;Ended<BR> September 30,</TD><TD STYLE="padding: 0 0 5pt; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding: 0 0 5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding: 0 0 5pt">2015</TD><TD STYLE="padding: 0 0 5pt; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding: 0 0 5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding: 0 0 5pt">2016</TD><TD STYLE="padding: 0 0 5pt; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding: 0 0 5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding: 0 0 5pt">2015</TD><TD STYLE="padding: 0 0 5pt; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding: 0 0 5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding: 0 0 5pt">2016</TD><TD STYLE="padding: 0 0 5pt; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding: 0 0 5pt; text-indent: 0">Revenues:</TD><TD STYLE="padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left; text-indent: 0; padding: 0 0 5pt">Grant revenue</TD><TD STYLE="width: 1%; font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0 0 5pt">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; padding: 0 0 5pt">462</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0 0 5pt">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; padding: 0 0 5pt">205</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0 0 5pt">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; padding: 0 0 5pt">1,270</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0 0 5pt">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; padding: 0 0 5pt">566</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">Collaboration and research and development revenue</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">253</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">253</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding: 0 0 5pt; text-indent: 0">Total revenues</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">715</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">205</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">1,523</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">566</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: 0; padding: 0 0 5pt">Operating expenses:</TD><TD STYLE="padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0; padding: 0 0 5pt">Research and development</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">2,904</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">2,409</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">9,826</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">7,545</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">General and administrative</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">1,205</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">1,273</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">4,006</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">4,002</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding: 0 0 5pt; text-indent: 0">Total operating expenses</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">4,109</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">3,682</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">13,832</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">11,547</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding: 0 0 5pt; text-indent: 0">Operating loss</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">(3,394</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">(3,477</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">(12,309</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">(10,981</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0; padding: 0 0 5pt">Other income (expense):</TD><TD STYLE="padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.125in; padding: 0 0 5pt 0.125in">Change in valuation of financial instruments associated with stock purchase agreement</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">(27</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">(51</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0; padding: 0 0 5pt">Foreign exchange (loss) gain</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">(219</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">51</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">(354</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">369</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0; padding: 0 0 5pt">Interest income</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">2</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">8</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">5</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">31</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">Other income, net</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">13</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">18</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">95</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">56</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">Total other income (expense)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">207</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">77</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">(305</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">456</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: 0; padding: 0 0 5pt">Loss before taxes</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">(3,187</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">(3,400</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">(12,614</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">(10,525</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">Income tax benefit</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">478</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">454</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">1,646</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">1,573</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: 0; padding: 0 0 5pt">Net loss</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">(2,709</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">(2,946</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">(10,968</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt">(8,952</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">Dividend on convertible exchangeable preferred shares</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">(50</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">(50</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">(150</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right">(150</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding: 0 0 5pt; text-indent: 0">Net loss applicable to common shareholders</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: right">(2,759</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: right">(2,996</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: right">(11,118</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: right">(9,102</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: 0; padding: 0 0 5pt">Basic and diluted earnings per common share:</TD><TD STYLE="padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">Net loss per share&thinsp;&ndash;&thinsp;basic and diluted</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: right">(0.95</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: right">(0.86</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: right">(4.20</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: right">(2.89</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">Weighted average common shares outstanding</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: right">2,889,893</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: right">3,473,696</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: right">2,645,159</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: right">3,145,730</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><B>&nbsp;</B></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 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>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; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; padding: 0 0 5pt; text-indent: 0">December 31,</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; padding: 0 0 5pt; text-indent: 0">September 30,</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding: 0 0 5pt; text-indent: 0">2015</TD><TD STYLE="padding: 0 0 5pt; font-size: 8pt; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding: 0 0 5pt; text-indent: 0">2016</TD><TD STYLE="padding: 0 0 5pt; font-size: 8pt; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; padding: 0 0 5pt; text-indent: 0">(Unaudited)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-indent: 0; padding: 0 0 5pt">ASSETS</TD><TD STYLE="padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0; padding: 0 0 5pt">Current assets:</TD><TD STYLE="padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left; text-indent: 0; padding: 0 0 5pt 0.125in">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; padding: 0 0 5pt; text-indent: 0">20,440</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; padding: 0 0 5pt; text-indent: 0">18,029</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0; padding: 0 0 5pt 0.125in">Prepaid expenses and other current assets</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt; text-indent: 0">4,051</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt; text-indent: 0">4,521</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt 0.125in; text-indent: 0">Current assets of discontinued operations</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right; text-indent: 0">75</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right; text-indent: 0">29</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0; padding: 0 0 5pt 0.25in">Total current assets</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt; text-indent: 0">24,566</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt; text-indent: 0">22,579</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">Property, plant and equipment (net)</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right; text-indent: 0">198</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right; text-indent: 0">73</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt 0.25in; text-indent: 0">Total assets</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: right; text-indent: 0">24,764</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: right; text-indent: 0">22,652</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: 0; padding: 0 0 5pt">LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</TD><TD STYLE="padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0; padding: 0 0 5pt">Current liabilities:</TD><TD STYLE="padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0; padding: 0 0 5pt 0.125in">Accounts payable</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt; text-indent: 0">1,940</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt; text-indent: 0">1,979</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0; padding: 0 0 5pt 0.125in">Accrued and other current liabilities</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt; text-indent: 0">3,738</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt; text-indent: 0">3,562</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt 0.125in; text-indent: 0">Current liabilities of discontinued operations</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right; text-indent: 0">75</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right; text-indent: 0">29</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0; padding: 0 0 5pt 0.25in">Total current liabilities</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt; text-indent: 0">5,753</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt; text-indent: 0">5,570</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">Other liabilities</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right; text-indent: 0">176</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right; text-indent: 0">141</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0; padding: 0 0 5pt 0.25in">Total liabilities</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt; text-indent: 0">5,929</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0 0 5pt; text-indent: 0">5,711</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt; text-indent: 0">Total stockholders&rsquo; equity</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right; text-indent: 0">18,835</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 5pt; font-size: 10pt; text-align: right; text-indent: 0">16,941</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0 0 5pt 0.25in; text-indent: 0">Total liabilities and stockholders&rsquo; equity</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: right; text-indent: 0">24,764</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 2.5pt double; padding: 0 0 5pt; font-size: 10pt; text-align: right; text-indent: 0">22,652</TD><TD STYLE="padding: 0 0 5pt; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<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"><B>Source: Cyclacel Pharmaceuticals, Inc.</B></P>

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


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