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Pharmacyclics Reports Third Quarter 2008 Financial Results
Date:4/24/2008

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

SUNNYVALE, Calif., April 24 /PRNewswire-FirstCall/ -- Pharmacyclics, Inc. (Nasdaq: PCYC) today reported financial results for its third fiscal quarter ended March 31, 2008. The net loss for the third quarter of fiscal 2008 was $7.0 million, or $0.27 per share, compared to a net loss of $6.8 million, or $0.26 per share, in the third quarter of fiscal 2007.

Total operating expenses were $7.2 million in the third quarter of fiscal 2008 compared to $7.4 million for the third quarter of fiscal 2007, a decrease of $0.2 million. Share-based compensation expense was $0.5 million in the third quarter of fiscal 2008 compared to $0.9 in the third quarter of fiscal 2007. The decrease in total operating expenses in the third quarter of fiscal 2008 was primarily related to reduced personnel expenses due to lower headcount and lower share-based compensation expense, partially offset by increased outside pre-clinical and drug manufacturing expenses associated with the Company's HDAC, Btk and Factor VIIa inhibitor programs.

Pharmacyclics also reported its financial results for the nine months ended March 31, 2008. The net loss for the nine months ended March 31, 2008 was $19.7 million, or $0.76 per share, compared to a net loss of $19.2 million, or $0.82 per share, for the nine months ended March 31, 2007.

As of March 31, 2008 the company's cash, cash equivalents and marketable securities totaled $21.3 million compared to $38.8 million at June 30, 2007. The company expects cash used in operations over the next four quarters to be approximately $16 million.

"In the remainder of 2008, we anticipate expanding our clinical programs with our oral HDAC inhibitor,
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SOURCE Pharmacyclics, Inc.
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