Stock Alert: Cyclacel Pharma Shares Up 53% In Premarket

(RTTNews) - Shares of Cyclacel Pharmaceuticals Inc. (CYCC) are surging over 53% in pre-market today, after the company announced an agreement with the University of Edinburgh to study fadraciclib (CYC065) and seliciclib (CYC202 or R-roscovitine), its clinical stage CDK2/9 inhibitors, as potential early treatments for the inflammatory response observed in patients with COVID-19 disease.

The company noted that the parties will assess Cyclacel's medicines above for their suitability for use in safety and efficacy studies in COVID-19 patients. This evaluation is part of a broader project studying the inflammatory pathways that lead directly to COVID-19 lung injury, drawing upon more than 30 years of experience from the University of Edinburgh's Centre for Inflammation Research. STOPCOVID is supported by a £2 million (about $2.5 million) grant from LifeArc and the University is seeking further funding.

The stock has been trading in the range of $5.60 - $20.40 for the past one year, and closed Friday's trade $6.41, down 39 cents or 5.74%. CYCC is currently trading at $9.82, up $3.41 or 53.20% in the pre-market trading session.