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Pharmacyclics Reports Second Quarter 2013 Results
Date:7/31/2013

ion in cash, cash equivalents, marketable securities and receivables due from our collaboration partner, which includes the $75 million of milestone payments that would be earned upon acceptance of the filing by the FDA.

The Company expects non-GAAP net income/loss to be near break-even for the full year ending December 31, 2013, which includes the reduction of expenses related to the assumption of Excess Amounts by Janssen.

"Over the past five months, we have been steadily and inexorably building the commercial personnel infrastructure that ensures Pharmacyclics has highly professional and competent Marketing, Medical Affairs, Drug Safety and Clinical Sales teams.  I am pleased to announce that we have completed the hiring process and we are now integrating our new team members into our culture and vision to ensure Pharmacyclics will be commercial-ready on a timely basis," said Bob Duggan, CEO & Chairman of Pharmacyclics. "We have entered into a very exciting chapter for the company and for our ibrutinib partner, Janssen, who has been a tremendous support in this process. Just 4 years ago we dosed our first patient with ibrutinib and since have explored its potential in most of the B-cell malignancies with Phase II and Phase III studies. Ibrutinib's success has been continuously evolving with three Breakthrough Therapy Designations announced earlier this year, two publications in the prestigious New England Journal of Medicine in June and the filing of our first NDA for ibrutinib with the Food and Drug Administration just a few weeks back. We are making very steady progress in our goal to advance science and drug development in the hopes of making a significant difference for the betterment of patients with serious, unmet healthcare needs."

Regulatory UpdateEarlier this month the Company submitted its first NDA to the FDA for the investigational oral BTK inhibitor, ibrutinib, for two relapsed/refractory
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SOURCE Pharmacyclics, Inc.
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