Struggling Cyclacel Pharmaceuticals is dropping one of its two clinical-stage assets in an effort to save cash, the company’s new owners announced April 2.
“As part of Cyclacel’s efforts to reduce operating costs, it has determined to focus on the development of plogosertib, a polo-like kinase 1 inhibitor for treatment of advanced cancers and hematological malignancies,” CEO Doris Wong Sing Ee said in a release reporting the company’s fourth-quarter results.
Cyclacel acquired plogosertib from subsidiary Cyclacel Limited on March 10, according to the release. Cyclacel Limited is now being liquidated.
Focusing on plogosertib means CDK2 and CDK9 inhibitor fadraciclib is being discontinued. The asset was being tested in phase 1/2 trials for solid tumors and leukemias, according to Cyclacel’s website.
Plogosertib, too, is being tested in phase 1/2 solid tumor and leukemia trials.
“The company anticipates a significant decrease to research and development expenses for the year ended December 31, 2025 as we focus on our plogosertib clinical program and have no expenditures related to fadraciclib,” Chief Financial Officer Kiu Cu Seng said in the release.
Fadraciclib was the more expensive asset for Cyclacel in 2024, costing the company $5 million in R&D expenses for the year compared to $1.6 million for plogosertib, Cyclacel reported in the release.
Cyclacel had just $7.2 million on hand at the end of December 2024, according to the release. In January, the company was boosted by a $3 million investment from David Lazar, who subsequently became CEO. Lazar is the CEO of Activist Investing, a company that, according to its website, “specializes in ‘turnaround situations’ via activist investing in distressed public companies.”
Lazar’s time at Cyclacel’s helm was short, however, coming to an end Feb. 27, when Doris Wong Sing Ee purchased 70% of the company’s shares and took the reins as CEO and executive director.
Cyclacel first signaled that cash reserves were spiraling last December, with the company announcing plans to cut operating costs and explore “strategic alternatives on an expedited basis."