Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC) announced today that it has priced an underwritten offering of more than 7.6 million units at an offering price of $1.36 per unit, for gross proceeds of $10.36 million.Each unit consists of one share of common stock and a five year warrant to buy half a share of common stock at $1.36 per share, exercisable beginning six months after the date of issuance.Net proceeds, after estimated underwriting discount and other fees and expenses payable by the company, and assuming the warrants are not exercised, will be approximately $9.3 million.The offering is expected to close on July 7, 2011.Shares of Cyclacel Pharmaceuticals are trading down 9.56% at $1.23.