Cyclacel Pharmaceuticals (CYCC) said investor David Lazar agreed to buy $3.1 million in preferred stock, and he was named interim chief executive officer.
Lazar agreed to buy 1 million shares of series C convertible preferred stock and 2.1 million shares of series D preferred stock at $1 apiece, the company said Friday in a statement. The proceeds will be used to settle outstanding liabilities and other general corporate purposes.
Lazar succeeds Spiro Rombotis, who stepped down as CEO, the company said.
In connection with the stock deal, the board will be "reconstituted" with Samuel Barker continuing as chairman and Paul McBarron and Rombotis continuing as directors, the company said. David Natan will join the board and chair the audit committee, and Kenneth Ferguson, Christopher Henney, Brian Schwartz, Robert Spiegel and Karin Walker resigned from the board, the company said.
Cyclacel also agreed with an undisclosed warrant holder to exchange the warrants for 24.8 million shares of common stock and $1.1 million in cash, subject to stockholder approval.
Shares of Cyclacel surged 52% in recent Friday trading.
Price: 0.57, Change: +0.19, Percent Change: +52.52
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