Navigation Links
Pharmacyclics, Inc. Rights Offering Oversubscribed
Date:8/5/2009

SUNNYVALE, Calif., Aug. 5 /PRNewswire-FirstCall/ -- Pharmacyclics, Inc. (Nasdaq: PCYC) 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 subscription agent has informed the Company that based on a preliminary tabulation, as of the close of the offering the Company had received valid subscriptions from approximately 375 participants for the purchase of in excess of the 22,500,000 shares offered. The total gross proceeds anticipated to be received is $28,800,000. Of the total shares subscribed for, 70,911 shares were subscribed for pursuant to notice of guaranteed delivery, which the Company expects to have completed on or before August 5, 2009. Participants in the offering include Federated Kaufmann Funds, Perceptive Advisors LLC, Quogue Capital LLC, Special Situations Life Sciences Fund and Suttonbrook Capital Management, among other institutional investors.

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.

The Company sold 22,500,000 shares of its common stock in this Offering. This will increase the number of total outstanding shares in the company to approximately 50,000,000 shares. Computershare, the subscription agent, will issue the shares purchased in this Rights Offering as soon 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."

Subscription rights that were not exercised by July 31, 2009 have expired.

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 athttp://www.pharmacyclics.com.

NOTE: This announcement may contain forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations and beliefs regarding our future results or performance. Because these statements apply to future events, they are subject to risks and uncertainties. When used in this announcement, the words "anticipate", "believe", "estimate", "expect", "expectation", "should", "would", "project", "plan", "predict", "intend" and similar expressions are intended to identify such forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements. Additionally, you should not consider past results to be an indication of our future performance. For a discussion of the risk factors and other factors that may affect our results, please see the Risk Factors section of our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and quarterly reports on Form 10-Q. We do not intend to update any of the forward-looking statements after the date of this announcement to conform these statements to actual results, to changes in management's expectations or otherwise, except as may be required by law.

    Contact:
    Ramses Erdtmann
    Vice President of Finance
    Phone: 408-215-3325


'/>"/>
SOURCE Pharmacyclics, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Pharmacyclics Announces Subscription Price for Rights Offering
2. Pharmacyclics Files Registration Statement for Rights Offering
3. NovImmune Completes CHF 62.5 (USD 54.8) Million Equity Financing to Move Portfolio Forward and Reacquire Product Rights to Lead Antibodies
4. Sinobiopharma Secures Rights to Seven Key Patents
5. Samtheo Announces License Agreement with Moffitt Cancer Center for Exclusive Rights to Novel Akt Inhibitor
6. Micromet, Inc. To Regain Rights to Blinatumomab in North America; Reports Financial Results for the Fourth Quarter and Full Year ended December 31, 2008
7. Cephalon Exercises Option to License Worldwide Rights to ImmuPharma Product, Lupuzor
8. Valerie DeFillipo, Reproductive Health and Rights Expert, Joins Abt Associates
9. Senetek PLC Acquires Rights to Additional Anticancer RNAi Technology
10. Azur Pharma Ltd. Enters Into Definitive Agreement With BioSante Pharmaceuticals Inc [nasdaq: BPAX], to Acquire U.S. Rights to Elestrin (TM)
11. China Sky One Medical, Inc. Obtains Production Rights for Nine New Drugs
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/27/2016)... ... 27, 2016 , ... Weeks after hosting a carpal tunnel syndrome workshop with ... surgeon and founder of the Fitzmaurice Hand Institute, has announced the addition of MRI ... state-of-the-art technology and only 1 of about 3 currently available in the United States. ...
(Date:5/27/2016)... ... ... Doctors in Italy, Japan, the UK and the US have reached some surprising ... its link to malignant mesothelioma. Surviving Mesothelioma has just posted the details of their ... , The studies analyzed for the new report included more than 3,447 cancer patients. ...
(Date:5/27/2016)... At present, the Biotech sphere is in a ... volatility is what makes this industry interesting to consider. Here ... (NASDAQ: SNTA ), CTI BioPharma Corp. (NASDAQ: ... and Heat Biologics Inc. (NASDAQ: HTBX ). Sign ... these stocks at: http://www.activewallst.com/register/ ...
(Date:5/26/2016)... New Jersey and READING, ... Indegene ( http://www.indegene.com ), a leading ... to life science, pharmaceutical and healthcare organisations and ... of innovative scientific support throughout the product lifecycle, ... with the launch of IntraScience.      ...
Breaking Biology Technology:
(Date:3/22/2016)... PROVO and SANDY, Utah ... (NSO), which operates the highest sample volume laboratory in ... Tute Genomics and UNIConnect, leaders in clinical sequencing informatics ... the launch of a project to establish the informatics ... NSO has been contracted by the ...
(Date:3/18/2016)... 18, 2016 --> ... ICT, Manned & Unmanned Vehicles, Physical infrastructure and Perimeter Surveillance ... in the border security market and the continuing migration crisis ... Europe has led visiongain to publish this ... --> defence & security companies in the ...
(Date:3/15/2016)... ALBANY, New York , March 15, 2016 ... a new market report published by Transparency Market Research "Digital ... Growth, Trends and Forecast 2015 - 2023," the global digital ... at US$ 731.9 Mn in 2014 and is forecast to ... to 2023. Growth of micro, small and medium enterprises (MSMEs) ...
Breaking Biology News(10 mins):