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Pharmacyclics Reports Fourth Quarter and Fiscal 2008 Financial Results
Date:8/14/2008

- Company to Host Conference Call at 4:30 p.m. ET Today -

SUNNYVALE, Calif., Aug. 14 /PRNewswire-FirstCall/ -- Pharmacyclics, Inc. (Nasdaq: PCYC) today reported financial results for its fourth quarter and fiscal year ended June 30, 2008. The net loss for the fourth quarter of fiscal 2008 was $4.6 million, or $0.18 per share, compared to a net loss of $7.0 million, or $0.27 per share, for the fourth quarter of fiscal 2007.

Total operating expenses were $4.8 million for the fourth quarter of fiscal 2008 compared to $7.6 million for the fourth quarter of fiscal 2007. Share-based compensation expense was $0.5 million in the fourth quarter of fiscal 2008 compared to $0.8 million in the fourth quarter of fiscal 2007. The decrease in total operating expenses in the fourth quarter of fiscal 2008 was primarily related to reduced personnel expenses due to lower headcount, lower outside clinical trial costs and reduced preclinical expenses associated with the company's Factor VIIa inhibitor program due to the completion of preclinical activities.

Pharmacyclics also reported financial results for the fiscal year ended June 30, 2008. The net loss for the fiscal year ended June 30, 2008 was $24.3 million, or $0.93 per share. This compares to a net loss of $26.2 million, or $1.08 per share, for fiscal year 2007.

As of June 30, 2008, the company had cash, cash equivalents and marketable securities totaling $16.8 million. This compares to $38.8 million in cash, cash equivalents and marketable securities as of June 30, 2007.

Fiscal 2009 Guidance

Pharmacyclics projects total operating expenses, excluding share-based compensation, of between $14 and $15 million for fiscal year 2009, including general and admini
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SOURCE Pharmacyclics, Inc.
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