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Pharmacyclics Reports Second Quarter Fiscal 2009 Financial Results
Date:2/13/2009

ivalents and marketable securities totaled $12.9 million compared to $16.8 million at June 30, 2008. As previously announced, the Company borrowed $5.0 million from Robert W. Duggan & Associates on December 30, 2008, with interest payable in arrears at 1.36% until March 31, 2009; at Citibank prime rate from April 1, 2009 until December 31, 2009; and at the prime rate plus 2% from January 1, 2010 until July 1, 2010. The principal amount of the loan has been discounted to fair value for balance sheet presentation as a result of the below market interest rates. The accretion of the discount will cause an increase in the carrying amount of indebtedness, and in charges to interest expense, from December 31, 2008 to June 30, 2009 of $500,000.

Fiscal 2009 Guidance

Pharmacyclics projects total operating expenses, excluding share-based compensation, of between $9 and $10 million for the remaining two quarters of fiscal year 2009, including general and administrative expenses of approximately $3 million. Including share-based compensation expense, Pharmacyclics projects total operating expenses of between $10 and $11 million for the remaining two quarters of fiscal year 2009, including general and administrative expenses of approximately $3.5 million. Financial projections involve a high level of uncertainty due to, among other factors, the variability involved in predicting requirements of early stage research programs and clinical trials, the potential for entering into partnering arrangements or strategic collaborations, the timing of U.S. Food and Drug Administration (FDA) decisions and share-based compensation expense.

Robert W. Duggan stated, "Through the December quarter and up to the date of this press release we have made solid progress on numerous fronts. Financially we closed a $5,000,000 million loan on favorable terms. We have also concluded our review of MGd for the potential treatment
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SOURCE Pharmacyclics, Inc.
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