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Pharmacyclics Reports Fourth Quarter and Fiscal 2009 Financial Results
Date:9/17/2009

cus of the company and aligning our clinical drug programs, we signed a very important partnership for the company in our fourth quarter with Servier, the largest private French Biotech firm, and received immediately $11.0 million with an additional $4.0 million in future research payments and $2.0 million in future product purchases. Together with these payments over the next two years and our most recent rights offering of $28.8 million and the equity raised during this spring of $1.4 million, the new team at Pharmacyclics is responsible for generating more than $45.0 million in new capital." said Robert W. Duggan, Chairman of the Board and Chief Executive Officer. "We now have the funds to progress our four clinical programs in a meaningful way and continue to advance these novel product candidates."

Recent and Upcoming Milestones and Program Updates

  • Raised approximately net $28.0 million in a July 2009 rights offering. This financing gave all existing share holders the opportunity to participate in the company's fund raising. After retiring its loan obligation the rights offering provided net approximately $21.6 million in cash.
  • Partnered PCI-24781, Pharmacyclics' oral HDAC inhibitor, with Servier, granting exclusive licensing for all ex-U.S. markets and providing the company with a royalty on future sales, plus $11.0 million in up front payments, $4.0 million in research payments during the next 24 months as well as potential milestone payments of $24.5 million. PCI -24781 is currently in a U.S. Phase I/II study in patients with Non-Hodgkin's lymphoma and continues to have a class leading safety profile. PCI-24781 was well tolerated in heavily pretreated patients with relapsed/refractory Non-Hodgkin's lymphoma, with promising clinical responses in the Phase I portion of the trial. Data will be presented at the December 2009 ASH meeting in New Orleans. Servier, Pharmacyclics' European partner, is in t
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