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Pharmacyclics Reports Second Quarter Fiscal 2010 Financial Results
Date:2/11/2010

SUNNYVALE, Calif., Feb 11 /PRNewswire-FirstCall/ -- Pharmacyclics, Inc. (Nasdaq: PCYC) today reported financial results for its second fiscal quarter ended December 31, 2009.

Upon the completion of a drug supply agreement with Servier in the quarter ended December 31, 2009, the company began recognizing revenue under GAAP from its collaboration agreement with Servier, which was entered into in April 2009. Total revenue recognized under GAAP in our most recent quarter was $4.7 million, of which $2.7 million represents the pro-rata portion of revenue attributable to the period from April 2009 (i.e. the signing of the collaboration agreement) to September 30, 2009.

As of December 31, 2009, the company's cash, cash equivalents and marketable securities totaled $30.1 million compared to $16.3 million as of June 30, 2009.

Total operating expenses were $5.5 million in the second quarter of fiscal 2010, including $0.6 million of share-based compensation expense. This compares to $4.9 million in operating expenses for the second quarter of fiscal 2009, with share-based compensation expense of $0.6 million. The increase in operating expenses was primarily due to an increase in product development, manufacturing and research expenses.

Due to a change in the tax treaty between the US an
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SOURCE Pharmacyclics, Inc.
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