SUNNYVALE, Calif., Aug. 5 /PRNewswire-FirstCall/ -- Pharmacyclics, Inc. announced today the preliminary results of its rights offering to purchase up to 22,500,000 shares of the Company’s common stock at a subscription price of $1.28 per share, which expired as of 5:00 p.m., EDT, on July 31, 2009. The Company increased the offering size on July 29, 2009 by 3,750,000 shares, from up to 18,750,000 shares to up to 22,500,000 shares.
The offering was oversubscribed and the proration of available over-subscription shares will be made in accordance with the procedures described in the Prospectus. Any excess payment to be refunded by us to a participating rights holder will be mailed by the subscription agent as promptly as practicable.
“We are delighted with the results of our recent rights offering,” said Bob Duggan, Chairman and Chief Executive Officer of Pharmacyclics. “The rights offering offered our stockholders an opportunity to participate in the future of this Company, which is developing what we believe are differentiated products in the areas of oncology and autoimmune diseases. With the announcement of today’s offering, we have the capital to drive our programs forward, particularly PCI 32765, our novel BTK Inhibitor, and PCI 24783, our Factor VIIa Inhibitor, to several inflection points. We are committed to driving shareholder value and look forward to updating you on our progress as we continue to produce important clinical results in the future.”
About Pharmacyclics
Pharmacyclics((R)) is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative small-molecule drugs for the treatment of immune mediated disease and cancer. The purpose of the company is to create a profitable business by generating income from products it develops, licenses and commercializes, either with one or several potential partners or alone as may best forward the economic interest of its stakeholders. The Company endeavors to create novel, patentable, differentiated products that have the potential to significantly improve the standard of care in the markets it serves. Presently, Pharmacyclics has four product candidates in clinical development and two product candidates in pre-clinical development. It is Pharmacyclics’ business strategy to establish collaborations with large pharmaceutical and biotechnology companies for the purpose of generating present and future income in exchange for adding to their product pipelines. Pharmacyclics strives to generate collaborations that allow it to retain valuable territorial rights and simultaneously fast forward the clinical development and commercialization of its products. The Company is headquartered in Sunnyvale, California and is listed on NASDAQ under the symbol PCYC. To learn more about how Pharmacyclics advances science to improve human healthcare visit us at http://www.pharmacyclics.com.
SOURCE Pharmacyclics, Inc.
CONTACT: Ramses Erdtmann, Vice President of Finance of Pharmacyclics,
Inc., +1-408-215-3325
Web site: http://www.pharmacyclics.com/
