SUNNYVALE, Calif., Oct. 25 /PRNewswire-FirstCall/ -- Pharmacyclics, Inc. today reported financial results for its first fiscal quarter ended September 30, 2007. The net loss for the first quarter of fiscal 2008, was $6.8 million, or $0.26 per share, compared to a net loss of $6.5 million, or $0.31 per share, in the first quarter of fiscal 2007.
Total operating expenses were $7.3 million in the first quarter of fiscal 2008 compared to $7.0 million for the first quarter of fiscal 2007, an increase of $0.3 million. Share-based compensation expense was $0.7 million in the first quarter of fiscal 2008 compared to $0.8 million in the first quarter of fiscal 2007. The increase in total operating expenses in the first quarter of fiscal 2008 was primarily due to increased pre-clinical and drug manufacturing expenses associated with the Company’s HDAC, Factor VIIa and Btk inhibitor programs, partially offset by reduced personnel expenses due to lower headcount.
As of September 30, 2007, the company’s cash, cash equivalents and marketable securities totaled $32.3 million compared to $38.8 million at June 30, 2007.
“We now have multiple investigational products across all stages of development that are rapidly moving forward in clinical and pre-clinical testing, which should lead to strong milestone momentum in the next several months,” said Richard A. Miller, M.D., president and chief executive officer of Pharmacyclics.
Conference Call and Webcast Details
The Company will hold a conference call today at 4:30 p.m. EDT to discuss first quarter 2008 financial results. To participate in the conference call, please dial 800-497-0451 for domestic callers and 706-758-3306 for international callers and reference conference passcode, 21240333. To access the live audio broadcast or the subsequent archived recording log on to http://ir.pharmacyclics.com. The archived version of the webcast will be available on the company’s website for one month.
About Pharmacyclics
Pharmacyclics is a pharmaceutical company developing innovative products to treat cancer and other serious diseases. The company is leveraging its small-molecule drug development expertise to build a pipeline in oncology and other diseases based on a wide range of targets, pathways and mechanisms. Its lead product, Xcytrin(R) (motexafin gadolinium) Injection, has completed Phase 3 clinical trials and several ongoing Phase 1 and Phase 2 clinical trials are evaluating Xcytrin, either as a single agent or in combination with chemotherapy and/or radiation in multiple cancer types. A New Drug Application for use of Xcytrin in combination with whole brain radiation therapy for treatment of brain metastases from non-small cell lung cancer was filed with the Food and Drug Administration in April 2007. More information about the company, its technology, and products can be found at http://www.pharmacyclics.com. In addition, more information about advocacy on behalf of Xcytrin can be found at http://www.yourcanceryourchoice.com. Pharmacyclics(R), Xcytrin(R) and the “pentadentate” logo(R) are registered trademarks of Pharmacyclics, Inc.
NOTE: Other than statements of historical fact, the statements made in this press release about our NDA filing, enrollment and future plans for our clinical trials, progress of and reports of results from preclinical and clinical studies, clinical development plans and product development activities are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. The words “believe,” “will,” “may,” “continue,” “plan,” “expect,” “intend,” “anticipate,” variations of such words, and similar expressions also identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. The forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that may cause actual results to differ materially from those in the forward-looking statements. Factors that could affect actual results include risks associated with the fact that data from preclinical studies and Phase 1 or Phase 2 clinical trials may not necessarily be indicative of future clinical trial results; our ability to obtain future financing and fund the product development of our pipeline; the possibility that the FDA refuses to approve our NDA; because our Phase 3 clinical trial known as the SMART (Study of Neurologic Progression with Motexafin Gadolinium And Radiation Therapy) trial failed to meet its primary endpoint, the FDA may require additional data, analysis or studies before the NDA is approved by the FDA; the outcome of any discussions with the FDA; the initiation, timing, design, enrollment and cost of clinical trials; unexpected delays in clinical trials and preparation of materials for submission to the FDA as part of our NDA filing; our ability to establish successful partnerships and collaborations with third parties; the regulatory approval process in the United States and other countries; and our future capital requirements. For further information about these risks and other factors that may affect the actual results achieved by Pharmacyclics, please see the company’s reports as filed with the U.S. Securities and Exchange Commission from time to time, including but not limited to its annual report on Form 10-K for the period ended June 30, 2007 and its subsequently filed quarterly reports on Form 10-Q. Forward-looking statements contained in this announcement are made as of this date, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
CONTACT: Leiv Lea of Pharmacyclics, Inc., +1-408-774-0330; or Carolyn
Bumgardner Wang of WeissComm Partners, +1-415-946-1065, for Pharmacyclics,
Inc.
Web site: http://www.pharmacyclics.com/
