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Pharmacyclics Sets Record Date for Rights Offering
Date:7/7/2009

SUNNYVALE, Calif., July 7 /PRNewswire-FirstCall/ -- Pharmacyclics, Inc. (Nasdaq: PCYC) announced today that it has set the close of trading on July 15, 2009 as the record date for its upcoming Rights Offering. To participate in the rights offering, shares of Pharmacyclics would have to be purchased on or before July 10, 2009, assuming a three day settlement period.

The rights offering will be made through the distribution of non-transferable subscription rights to purchase shares of Pharmacyclics' common stock at a subscription price to be determined. Assuming the rights offering is fully subscribed, the Company will receive gross proceeds of approximately $24 million, less expenses of the rights offering. The rights offering includes an oversubscription privilege which permits each rights holder that exercises its rights in full to purchase additional shares of common stock that remain unsubscribed at the expiration of the offering.

The definitive terms of the Offering, including the subscription price, will be contained in the prospectus. It is anticipated that the prospectus along with the rights certificates will be mailed to eligible shareholders on or about July 16, 2009. Shareholders wishing to exercise their rights must return their completed certificate along with the applicable funds as directed, on or before the expiration date, which is scheduled to be July 31, 2009 at 5:00 pm Eastern Daylight Time, unless extended by the Company.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these s
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SOURCE Pharmacyclics, Inc.
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