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Pharmacyclics Reports First Quarter 2013 Results
Date:5/1/2013

r the Agreement with Janssen of $50 million each, totaling $200 million, including the $50 million milestone earned on April 11, 2013, which the Company expects to collect during the quarter ended June 30, 2013. The Company may earn up to an additional $625 million in development and regulatory milestone payments, however, clinical development entails risks and the Company has no assurance as to whether or when the milestone targets might be achieved.

The Agreement with Janssen includes a cost sharing arrangement for certain development activities. In general, Janssen is responsible for approximately 60% of development costs and the Company is responsible for 40% of development costs. The Agreement with Janssen also provides for a $50 million annual cap of the Company's share of development costs and pre-tax commercialization losses for each calendar year. As of March 31, 2013, the Company's total share of collaboration costs for the 2013 calendar year to date was approximately $24.9 million.

"This past quarter has been particularly successful for our company," said Bob Duggan, CEO and Chairman of the Board. "We completed the enrollment of our first Phase III trial and are well on track with our clinical programs. We also received the third Breakthrough Therapy Designation from the FDA. Last month at the American Association of Clinical Research we had 8 poster presentations and 1 oral presentation. There are 5 additional oral and 6 poster presentations with clinical and pre-clinical updates planned for the upcoming scientific conferences this summer, the American Society of Clinical Oncology, the European Hematology Association and the International Conference on Malignant Lymphoma. Last month we earned a milestone payment of $50 million from our collaboration partner Janssen, for the start of our front line study in CLL and on March 8th we concluded a successful equity offering netting us $201 million. Pharmacyclics remains resolute in it
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SOURCE Pharmacyclics, Inc.
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