In a reverse merger, Seattle-based Xcyte Therapies is taking over Scotland's Cyclacel Pharmaceuticals in a deal that will allow Cyclacel to emerge as a public company in the US. Xcyte shareholders will wind up with 20 percent of the new company, which will be based in Short Hills, NJ. Xcyte was reduced to a mere shell company earlier this year after the FDA raised objections to its design of a major clinical trial of technology designed to arouse the immune system to ward off disease. Facing a major delay, Xcyte reduced its workforce from 100 to 5 and began to look for someone to come in and take over. The remaining employees will be dismissed and Xcyte's Seattle operations will be closed. Cyclacel will focus on two trials for experimental oncology therapies.
- read this article from The Seattle Times for more information
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