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. 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.
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