Cyclacel Pharmaceuticals Narrows Focus to Plogosertib, Discontinues Fadraciclib Amid Financial Restructuring

Cyclacel Pharmaceuticals, a struggling biotech company, has announced a significant shift in its clinical development strategy as part of ongoing efforts to reduce operating costs and stabilize its financial position. The company will focus solely on developing plogosertib, a polo-like kinase 1 inhibitor for the treatment of advanced cancers and hematological malignancies, while discontinuing its work on fadraciclib, a CDK2 and CDK9 inhibitor.

Strategic Asset Reduction and Financial Restructuring

Cyclacel's decision to narrow its clinical pipeline comes as the company grapples with dwindling cash reserves. As of December 31, 2024, Cyclacel reported just $7.2 million in cash on hand, prompting aggressive cost-cutting measures and a search for strategic alternatives.

The company's new CEO, Doris Wong Sing Ee, stated in a recent release, "As part of Cyclacel's efforts to reduce operating costs, it has determined to focus on the development of plogosertib." This move is expected to significantly decrease research and development expenses for the year ending December 31, 2025.

Chief Financial Officer Kiu Cu Seng elaborated on the financial impact, noting that in 2024, fadraciclib had cost the company $5 million in R&D expenses, compared to $1.6 million for plogosertib. By discontinuing fadraciclib, Cyclacel aims to extend its cash runway and concentrate resources on the more cost-effective plogosertib program.

Leadership Changes and Capital Infusion

Cyclacel's restructuring efforts have been accompanied by notable changes in leadership and ownership. In January 2025, the company received a $3 million investment from David Lazar, CEO of Activist Investing, who briefly assumed the role of Cyclacel's CEO. Lazar's tenure was short-lived, however, as Doris Wong Sing Ee purchased 70% of the company's shares on February 27, 2025, taking over as CEO and executive director.

These rapid leadership transitions reflect the urgency of Cyclacel's financial situation and the company's efforts to secure new capital and strategic direction. The involvement of Activist Investing, a firm specializing in turnaround situations for distressed public companies, underscores the challenges Cyclacel faces in its bid for financial stability.

Clinical Pipeline Update

With the discontinuation of fadraciclib, which was being tested in phase 1/2 trials for solid tumors and leukemias, Cyclacel's clinical pipeline now centers entirely on plogosertib. The polo-like kinase 1 inhibitor is currently undergoing phase 1/2 trials for solid tumors and leukemia.

The company's decision to focus on plogosertib was influenced by its lower development costs and potential efficacy in treating advanced cancers and hematological malignancies. As part of this strategic shift, Cyclacel acquired plogosertib from its subsidiary Cyclacel Limited on March 10, 2025. The subsidiary is now in the process of liquidation, further streamlining the company's operations.