UPDATE 1-Cyclacel to restate FY09 results to correct error

* Error in calculating the net loss per share

* FY09 loss/shr revised to $0.94 from earlier reported
$0.88

* Says similar errors also occurred in 2007 and 2008

May 13 (BestGrowthStock) – Cyclacel Pharmaceuticals (CYCC.O: )said it
would restate its 2009 financial results to correct an error in
calculating the net loss per share, and said similar errors
occurred in 2007 and 2008.

The errors related to the payment of dividends on certain
preferred stock, the company said.

Although the company accrued for unpaid dividends in its
financial statements, it did not include the accrued amount
when calculating basic and diluted loss per common share for
the year ended Dec. 31, 2009, it said.

For 2009, the net loss per share will be revised to 94
cents per share from 88 cents per share, as originally reported
in its annual report.

The restatement has no effect on net cash flows, the
reported net loss or the consolidated balance sheet for full
year 2009, the company added.

For 2008, the net loss per share will be revised to $2.04
per share from $1.98 per share, and for 2007 the net loss per
share will be revised to $1.23 per share from $1.21 per share,
the company said. Shares of the company closed at $2.26
Thursday on Nasdaq.

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(Reporting by Shailesh Kuber in Bangalore; Editing by
Aradhana Aravindan)

UPDATE 1-Cyclacel to restate FY09 results to correct error