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 high quality people. Most of them are deeply experienced with our lead molecule motexafin gadolinium. In acquiring three promising compounds from Celera, we were very fortunate to inherit a group of experienced scientists that have been closely associated with each of these products from their onset. Our scientists are making great strides in forwarding a product pipeline that is novel, differentiated and full of potential. Without question, these are challenging times and historically those that rise up to face the challenges before them and put solutions into action gain strength in the process and become a good deal more viable than ever before. This is our intention. At Pharmacyclics we are dedicated to advancing our small molecule cancer drug candidates through clinical trials and establishing ourselves as a viable pharmaceutical company bringing real solutions to unmet or underserved patients' needs.
"Our executive team looks forward to providing shareholders, current and prospective, with a full update concerning our progress and plans for the future at our annual meeting scheduled for December 12, 2008."
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 immune diseases based on a wide range of targets, pathways and mechanisms. More information about the company, its technology, and products can be found at http://www.pharmacyclics.com. Pharmacyclics(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 future plans and timelines for our preclinical
studies and clinical trials, progress of and reports of results from
preclinical studies and clinical trials, clinical development plans and
product development and corporate partnering activities are forward-looking
statements, as defined in the Private Securities Litigation Reform Act of
1995. The words "project," "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 our ability to obtain
future financing and fund the product development of our pipeline; our
ability to estimate accurately the amount of cash to be used to fund
operations over the next 12 months; unexpected delays in clinical trials
and preclinical studies and the timing for making related regulatory
filings; 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; the initiation, timing, design, enrollment and cost of clinical
trials and preclinical studies; 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, 2008 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.
--- FINANCIALS ATTACHED ---
(a development stage enterprise)
Condensed Statements of Operations
(unaudited) (in thousands, except per share data)
Three Months Ended
Research and development $3,203 $5,240
General and administrative 3,439 2,067
Total operating expenses 6,642 7,307
Loss from operations (6,642) (7,307)
Interest and other, net 100 477
Net loss $(6,542) $(6,830)
Basic and diluted net loss per share $(0.25) $(0.26)
Shares used to compute basic and
diluted net loss per share 26,015 25,958
Condensed Balance Sheets
(unaudited, in thousands)
September 30, June 30,
Cash, cash equivalents and
marketable securities* $12,467 $16,755
Other current assets 560 401
Total current assets 13,027 17,156
Property and equipment, net 615 688
Other noncurrent assets 290 523
Liabilities and stockholders' equity
Current liabilities $2,160 $1,851
Long-term obligations 70 71
Stockholder's equity 11,702 16,445
* Marketable securities $5,679 $4,495
|SOURCE Pharmacyclics, Inc.|
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