Cyclacel Pharmaceuticals Announces Receipt of $2.9 Million R&D Tax Credit
BERKELEY HEIGHTS, N.J., March 06, 2024 (GLOBE NEWSWIRE) -- Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; "Cyclacel" or the "Company"), a biopharmaceutical company developing innovative medicines based on cancer cell biology, announced that it received £2.3 million (approximately $2.9 million) as a research & development (R&D) tax credit from HMRC, the tax agency of the United Kingdom government.
- BERKELEY HEIGHTS, N.J., March 06, 2024 (GLOBE NEWSWIRE) -- Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; "Cyclacel" or the "Company"), a biopharmaceutical company developing innovative medicines based on cancer cell biology, announced that it received £2.3 million (approximately $2.9 million) as a research & development (R&D) tax credit from HMRC, the tax agency of the United Kingdom government.
- The tax credit is based on R&D costs incurred in the year ended December 31, 2023.
- The Company expects to receive an additional approximately $0.8 million following confirmation of a change in the rate of tax credit regarding 2023 expenditures.
- “The R&D tax credit has been an important source of non-dilutive capital supporting Cyclacel’s programs.