Cyclacel Pharmaceuticals Receives a £2.3 million R&D credit from HMRC

Cyclacel Anticipates a $0.8 Million Increase Subject to Tax Credit Adjustment

According to a Smart News report, a £2.3 million R&D tax credit from the UK government’s tax agency, HMRC, Cyclacel Pharmaceuticals (NASDAQ: CYCC) has revealed a notable improvement in its financials. This credit is an acknowledgment of the company’s substantial efforts in research and development for the year that concluded on December 31, 2023. Apart from this large amount, Cyclacel expects a $0.8 million rise, subject to confirmation of a tax credit rate modification associated with its 2023 expenditures. As Cyclacel moves forward in investigating precision medicine avenues for its clinical candidates for oral fadraciclib and oral plogosertib to address oncology indications marked by significant unmet medical needs, Paul McBarron, Executive VP of Finance & COO, expressed gratitude for the government’s support and emphasized its critical role.

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Government Assistance Boosts Cyclacel’s Progress in Cancer Treatments

The infusion of cash via the R&D tax credit is a positive step forward for Cyclacel Pharmaceuticals, demonstrating the company’s dedication to promoting cutting-edge cancer solutions. The company is well-positioned to utilize these financial resources to advance its clinical prospects in tackling urgent medical issues since they have a strategic emphasis on precision medicine approaches. The backing from HMRC highlights how important it is for governments and biopharmaceutical companies to work together to promote the development of life-saving treatments, which will ultimately give cancer patients all across the world hope.

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