Cyclacel Blames State of Market As It Postpones Flotation Plans

Summary

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SCOTTISH biotech high-flier Cyclacel has been forced to postpone its flotation plans just three weeks after it announced it would list on both the London Stock Exchange and the US Nasdaq.

In a brief statement to the market, Dundee-based Cyclacel said it had put off its initial public offering (IPO) "because of market conditions". Cyclacel, led by chief executive Spiro Rombotis, had said earlier this month that it would raise up to nearly (pounds) 28m through the sale of some 26% of its enlarged share capital.

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Extract

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Cyclacel Blames State of Market As It Postpones Flotation Plans

Paul McBarron, chief financial officer at Cyclacel, refused to be drawn on whether it was potential investors in the US or the UK...

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