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Cyclacel, the Dundee-based pharmaceuticals company, is planning a reverse takeover of US-based Xcyte Therapies.
Cyclacel has secured a £5m investment from Scottish Enterprise to fund the development of new drugs.
Cyclacel is to raise £27m in a flotation to fund the expansion of its cancer drugs business.
Cyclacel is planning to raise £34m in a share placing to fund the development of anti-cancer drugs, and is expected to seek a partnership with a large pharmaceutical group after the drugs have undergone clinical trials.