Schedule 13G

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13G

 

Under the Securities Exchange Act of 1934

(Amendment No.     )*

 

 

CYCLACEL PHARMACEUTICALS, INC


(Name of Issuer)

COMMON STOCK, PAR VALUE $0.001 PER SHARE


(Title of Class of Securities)

 

 

23254L108

                                (CUSIP Number)                                

July 12, 2007


(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

¨ Rule 13d-1(b)

x Rule 13d-1(c)

¨ Rule 13d-1(d)

 

*   The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP No. 23254L108     Page 2 of 12 Pages

 

  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

   
                Visium Balanced Fund, LP    
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  
  (a)  ¨  
    (b)  ¨    
  3   SEC USE ONLY  
         
  4   CITIZENSHIP OR PLACE OF ORGANIZATION  
                Delaware    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

    5    SOLE VOTING POWER
 
                  None
    6    SHARED VOTING POWER
 
                  319,855 (See Item 4)
    7    SOLE DISPOSITIVE POWER
 
                  None
    8    SHARED DISPOSITIVE POWER
 
                  319,855 (See Item 4)
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                319,855 (See Item 4)    
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   ¨
                Not Applicable    
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
                1.57 %    
12   TYPE OF REPORTING PERSON*  
                OO    

 

* SEE INSTRUCTIONS BEFORE FILLING OUT.

 

Page 2 of 12 Pages


CUSIP No. 23254L108     Page 3 of 12 Pages

 

  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

   
                Visium Long Bias Fund, LP    
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  
  (a)  ¨  
    (b)  ¨    
  3   SEC USE ONLY  
         
  4   CITIZENSHIP OR PLACE OF ORGANIZATION  
                Delaware    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

    5    SOLE VOTING POWER
 
                  None
    6    SHARED VOTING POWER
 
                  134,558 (See Item 4)
    7    SOLE DISPOSITIVE POWER
 
                  None
    8    SHARED DISPOSITIVE POWER
 
                  134,558 (See Item 4)
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                134,558 (See Item 4)    
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   ¨
                Not Applicable    
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
                .66%    
12   TYPE OF REPORTING PERSON*  
                OO    

 

* SEE INSTRUCTIONS BEFORE FILLING OUT.

 

Page 3 of 12 Pages


CUSIP No. 23254L108     Page 4 of 12 Pages

 

  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

   
                Visium Balanced Offshore Fund, Ltd.    
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  
  (a)  ¨  
    (b)  ¨    
  3   SEC USE ONLY  
         
  4   CITIZENSHIP OR PLACE OF ORGANIZATION  
                Cayman Islands    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

    5    SOLE VOTING POWER
 
                  None
    6    SHARED VOTING POWER
 
                  503,528 (See Item 4)
    7    SOLE DISPOSITIVE POWER
 
                  None
    8    SHARED DISPOSITIVE POWER
 
                  503,528 (See Item 4)
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                503,528 (See Item 4)    
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   ¨
                Not Applicable    
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
                2.47 %    
12   TYPE OF REPORTING PERSON*  
                CO    

 

* SEE INSTRUCTIONS BEFORE FILLING OUT.

 

Page 4 of 12 Pages


CUSIP No. 23254L108     Page 5 of 12 Pages

 

  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

   
                Visium Long Bias Offshore Fund, Ltd.    
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  
  (a)  ¨  
    (b)  ¨    
  3   SEC USE ONLY  
         
  4   CITIZENSHIP OR PLACE OF ORGANIZATION  
                Cayman Islands    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

    5    SOLE VOTING POWER
 
                  None
    6    SHARED VOTING POWER
 
                  417,699 (See Item 4)
    7    SOLE DISPOSITIVE POWER
 
                  None
    8    SHARED DISPOSITIVE POWER
 
                  417,699 (See Item 4)
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                417,699 (See Item 4)    
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   ¨
                Not Applicable    
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
                2.05%    
12   TYPE OF REPORTING PERSON*  
                CO    

 

* SEE INSTRUCTIONS BEFORE FILLING OUT.

 

Page 5 of 12 Pages


CUSIP No. 23254L108     Page 6 of 12 Pages

 

  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

   
                Visium Capital Management, LLC    
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  
  (a)  ¨  
    (b)  ¨    
  3   SEC USE ONLY  
         
  4   CITIZENSHIP OR PLACE OF ORGANIZATION  
                Delaware    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

    5    SOLE VOTING POWER
 
                  None
    6    SHARED VOTING POWER
 
                  454,413 (See Item 4)
    7    SOLE DISPOSITIVE POWER
 
                  None
    8    SHARED DISPOSITIVE POWER
 
                  454,413 (See Item 4)
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                454,413 (See Item 4)    
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   ¨
                Not Applicable    
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
                2.23%    
12   TYPE OF REPORTING PERSON*  
                OO    

 

Page 6 of 12 Pages


CUSIP No. 23254L108     Page 7 of 12 Pages

 

  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

   
                Visium Asset Management, LLC    
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  
  (a)  ¨  
    (b)  ¨    
  3   SEC USE ONLY  
         
  4   CITIZENSHIP OR PLACE OF ORGANIZATION  
                Delaware    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

    5    SOLE VOTING POWER
 
                  1,477,899 (See Item 4)
    6    SHARED VOTING POWER
 
                  None
    7    SOLE DISPOSITIVE POWER
 
                  1,477,899 (See Item 4)
    8    SHARED DISPOSITIVE POWER
 
                  None
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                1,477,899 (See Item 4)    
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   ¨
                Not Applicable    
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
                7.24%    
12   TYPE OF REPORTING PERSON*  
                OO    

 

* SEE INSTRUCTIONS BEFORE FILLING OUT.

 

Page 7 of 12 Pages


CUSIP No. 23254L108     Page 8 of 12 Pages

 

  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

   
                Atlas Master Fund, Ltd.    
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  
  (a)  ¨  
    (b)  ¨    
  3   SEC USE ONLY  
         
  4   CITIZENSHIP OR PLACE OF ORGANIZATION  
                Cayman Islands    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

    5    SOLE VOTING POWER
 
 

                 (See Item 4)

                None

    6    SHARED VOTING POWER
 
                  102,259 (See Item 4)
    7    SOLE DISPOSITIVE POWER
 
 

                 (See Item 4)

                None

    8    SHARED DISPOSITIVE POWER
 
                  102,259 (See Item 4)
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                102,259 (See Item 4)    
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   ¨
                Not Applicable    
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
                .50%    
12   TYPE OF REPORTING PERSON*  
                CO    

 

Page 8 of 12 Pages


CUSIP No. 23254L108     Page 9 of 12 Pages

 

  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

   
                Jacob Gottlieb    
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  
  (a)  ¨  
    (b)  ¨    
  3   SEC USE ONLY  
         
  4   CITIZENSHIP OR PLACE OF ORGANIZATION  
                United States    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

    5    SOLE VOTING POWER
 
                  1,477,899 (See Item 4)
    6    SHARED VOTING POWER
 
                  None (See Item 4)
    7    SOLE DISPOSITIVE POWER
 
                  1,477,899 (See Item 4)
    8    SHARED DISPOSITIVE POWER
 
                  None (See Item 4)
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                1,477,899 (See Item 4)    
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   ¨
                Not Applicable    
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
                7.24%    
12   TYPE OF REPORTING PERSON*  
                IN    

 

* SEE INSTRUCTIONS BEFORE FILLING OUT.

 

Page 9 of 12 Pages


CUSIP No. 23254L108     Page 10 of 12 Pages

 

Item 1   (a)    Name of Issuer:      
     Cyclacel Pharmaceuticals, Inc      
  (b)    Address of Issuer’s Principal Executive Offices:      
    

200 Connell Drive, Suite 1500

Berkeley Heights, NJ 07922

     
Item 2   (a) - (c)    This statement is filed on behalf of the following:      
 

(1) Visium Balanced Fund, LP, a Delaware limited partnership (“VBF”), with its principal business office at c/o Visum Asset Management, LLC, 950 Third Avenue, New York, NY 10022.

 

(6) Visium Long Bias Fund, LP, a Delaware limited partnership (“VLBF”), with its principal business office at c/o Visum Asset Management, LLC, 950 Third Avenue, New York, NY 10022.

 

(7) Visium Balanced Fund Offshore, Ltd., a Cayman Islands corporation (“VBFO”), with its principal business office at c/o Morgan Stanley Fund Services (Cayman) Limited, P.O. Box 2681GT, Century yard, 4th Floor, Cricket Square, Hutchins Drive, Grand Cayman, Cayman Islands, British West Indies.

 

(8) Visium Long Bias Fund Offshore, Ltd., a Cayman Islands corporation (“VLBFO”), with its principal business office at c/o Morgan Stanley Fund Services (Cayman) Limited, P.O. Box 2681GT, Century yard, 4th Floor, Cricket Square, Hutchins Drive, Grand Cayman, Cayman Islands, British West Indies.

 

(9) Visium Asset Management, LLC, a Delaware limited liability company (“VAM”), with its principal business office at Visum Asset Management, LLC, 950 Third Avenue, New York, NY 10022. VAM is the investment advisor to each of VBF, VLBF, VBFO and VLBFO.

 

(10) Visium Capital Management, LLC, a Delaware limited liability company (“VCM”), with its principal business office c/o Visum Asset Management, LLC, 950 Third Avenue, New York, NY 10022. VCM is the General Partner of VBF an VLBF.

 

Atlas Master Fund, Ltd., (“AMF”) a Cayman Islands corporation (“AMF”), with its principal business office at c/o Walkers SPV Limited, Walker House, P.O. Box 908 GT, George Town, Grand Cayman, Cayman Islands, British West Indies.

 

(d)

   Title of Class of Securities:      
     Common Stock,      
 

(e)

   CUSIP Number:      
     23254L108      
Item 3   If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:   
  Not Applicable   

 

Page 10 of 12 Pages


CUSIP No. 23254L108     Page 11 of 12 Pages

 

Item 4    Ownership:      
   VBF      
   (a)    Amount Beneficially Owned:      
      319,855 shares      
   (b)    Percent of Class:      
      1.57%      
   (c)    Number of Shares as to which person has:      
      (i)    sole power to vote or to direct vote:      
         None      
      (ii)    shared power to vote or to direct vote:      
         319,855 shares      
      (iii)    sole power to dispose or direct disposition of:      
         None      
      (iv)    shared power to dispose or to direct disposition of:      
         319,855 shares      
   VLBF      
   (a)    Amount Beneficially Owned:      
      134,558 shares      
   (b)    Percent of Class:      
      .66%      
   (c)    Number of Shares as to which person has:      
      (i)    sole power to vote or to direct vote:      
         None      
      (ii)    shared power to vote or to direct vote:      
         134,558 shares      
      (iii)    sole power to dispose or direct disposition of:      
         None      
      (iv)    shared power to dispose or to direct disposition of:      
         134,558 shares      
   VBFO      
   (a)    Amount Beneficially Owned:      
      503,528 shares      
   (b)    Percent of Class:      
      2.47%      
   (c)    Number of Shares as to which person has:      
      (i)    sole power to vote or to direct vote:      
         None      
      (ii)    shared power to vote or to direct vote:      
         503,528 shares      
      (iii)    sole power to dispose or direct disposition of:      
         None      
      (iv)    shared power to dispose or to direct disposition of:      
         503,528 shares      
   VLBFO      
   (a)    Amount Beneficially Owned:      
      417,699 shares      
   (b)    Percent of Class:      
      2.05%      
   (c)    Number of Shares as to which person has:      
      (i)    sole power to vote or to direct vote:      
         None      
      (ii)    shared power to vote or to direct vote:      
         417,699 shares      
      (iii)    sole power to dispose or direct disposition of:      
         None      
      (iv)    shared power to dispose or to direct disposition of:      
         417,699 shares      
   VAM      
   (a)    Amount Beneficially Owned:      
  

By virtue of its position as investment advisor to each of VBF, VLBF, VBFO and VLBFO as well as managing an account for AMF, VAM may be deemed to beneficially own the 1,477,899 shares of the Company’s Common Stock beneficially owned by VBF, VLBF, VBFO and VLBFO as well as the shares of the Company’s Common Stock in the AMF managed account.

     
   (b)    Percent of Class:   
      7.24%   
   (c)    Number of Shares as to which person has:   
      (i)    sole power to vote or to direct vote:      
         1,477,899 shares      
      (ii)    shared power to vote or to direct vote:      
         None      
      (iii)    sole power to dispose or direct disposition of:      
         1,477,899 shares      
      (iv)    shared power to dispose or to direct disposition of:      
         None      
   VCM      
   (a)    Amount Beneficially Owned:      
  

By virtue of its position as General Partner to each of VBF and VLBF, VCM may be deemed to beneficially own the 454,413 shares of the Company’s Common Stock beneficially owned by VBF and VLBF.

     
   (b)    Percent of Class:      
      2.23%      
   (c)    Number of Shares as to which person has:      
      (i)    sole power to vote or to direct vote:      
         None      
      (ii)    shared power to vote or to direct vote:      
         454,413 shares      
      (iii)    sole power to dispose or direct disposition of:      
         None      
      (iv)    shared power to dispose or to direct disposition of:      
         454,413 shares      
   Jacob Gottlieb      
   (a)    Amount Beneficially Owned:      
   By virtue of his position as the principal of VAM and the sole managing member of VCM, Dr. Gottlieb may be deemed to beneficially own the 1,477,899 shares of the Company’s Common Stock beneficially owned by VAM.      
   (b)    Percent of Class:      
      7.24%      
   (c)    Number of Shares as to which person has:      
      (i)    sole power to vote or to direct vote:      
         1,477,899 shares      
      (ii)    shared power to vote or to direct vote:      
         None      
      (iii)    sole power to dispose or direct disposition of:      
         1,477,899 shares      
      (iv)    shared power to dispose or to direct disposition of:      
         None      
Ownership:      
   AMF      
   (a)    Amount Beneficially Owned:      
      102,259 shares      
   (b)    Percent of Class:      
      .5%      
   (c)    Number of Shares as to which person has:      
      (i)    sole power to vote or to direct vote:      
         None      
      (ii)    shared power to vote or to direct vote:      
         102,259 shares      
      (iii)    sole power to dispose or direct disposition of:      
         None      
Item 5    Ownership of Five Percent or Less of a Class:   
   Not Applicable   
Item 6    Ownership of More than Five Percent on Behalf of Another Person:      
   Not Applicable      
Item 7    Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company:
   Not Applicable
Item 8    Identification and Classification of Members of the Group:      
   Not Applicable      
Item 9    Notice of Dissolution of Group:      
   Not Applicable      
Item 10    Certification:      
   By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.      

 

Page 11 of 12 Pages


CUSIP No. 23254L108     Page 12 of 12 Pages

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: July 12, 2007

 

VISIUM ASSET MANAGEMENT, LLC      VISIUM LONG BIAS FUND, LP
By:  

/s/ Mark Gottlieb

     By:  

/s/ Mark Gottlieb

  Mark Gottlieb        Mark Gottlieb
  Authorized Signatory        Authorized Signatory
VISIUM BALANCED FUND, LP      VISIUM BALANCED OFFSHORE FUND, LTD.
By:  

/s/ Mark Gottlieb

     By:  

/s/ Mark Gottlieb

  Mark Gottlieb        Mark Gottlieb
  Authorized Signatory        Authorized Signatory
VISIUM CAPITAL MANAGEMENT, LLC      VISIUM LONG BIAS OFFSHORE FUND, LTD.
By:  

/s/ Mark Gottlieb

     By:  

/s/ Mark Gottlieb

  Mark Gottlieb        Mark Gottlieb
  Authorized Signatory        Authorized Signatory
JACOB GOTTLIEB      ATLAS MASTER FUND, LTD.
By:  

/s/ Mark Gottlieb

     By:  

/s/ Matthew Siclari

  Authorized Signatory        Authorized Signatory

 

Page 12 of 12 Pages