Pharmacyclics Reports First Quarter Fiscal 2009 Financi... ( SUNNYVALE Calif. Oct. 30 /- Pharm...)

Pharmacyclics Reports First Quarter Fiscal 2009 Financial Results

Date:10/30/2008

SUNNYVALE, Calif., Oct. 30 /PRNewswire-FirstCall/ -- Pharmacyclics, Inc. (Nasdaq: PCYC) today reported financial results for its first fiscal quarter ended September 30, 2008. The net loss for the first quarter of fiscal 2009, was $6.5 million, or $0.25 per share, compared to a net loss of $6.8 million, or $0.26 per share, in the first quarter of fiscal 2008.

Total operating expenses were $6.6 million in the first quarter of fiscal 2009, including $1.4 million of severance related share-based compensation expense and $0.5 million of severance expense. Excluding the $1.9 million of severance related share-based compensation and severance expenses, total expenses were $4.7 million in the first quarter of fiscal 2009 compared to $7.3 million for the first quarter of fiscal 2008, a decrease of $2.6 million. Excluding $1.4 million in severance related share-based compensation expense, share-based compensation expense was $0.4 million in the first quarter of fiscal 2009 compared to $0.7 million in the first quarter of fiscal 2008. The decrease of $2.6 million in total operating expenses, after excluding the severance related expenses, in the first quarter of fiscal 2009 was primarily due to reduced personnel expenses due to lower headcount and reduced manufacturing costs and outside preclinical expenses associated with the company's HDAC, Btk and Factor VIIa inhibitor programs.

As of September 30, 2008, the company's cash, cash equivalents and marketable securities totaled $12.5 million compared to $16.8 million at June 30, 2008.

Robert W. Duggan stated, "Entering my second month as Chairman and Interim CEO, there are a few observations I wish to share with my fellow stakeholders. Pharmacyclics is a company consisting of hi
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Pharmacyclics Reports First Quarter Fiscal 2009 Financi...( SUNNYVALE Calif. Oct. 30 /- Pharm...)