Jun 17 2010
Pharmacyclics, Inc. (Nasdaq: PCYC) today announced that it has entered into stock purchase agreements with various institutional investors for the sale of approximately 6,150,000 shares of its common stock in a registered direct offering at $6.51 per share, the closing price on June 15, 2010. Gross proceeds of the offering, before deducting expenses, are expected to be approximately $40 million. These securities are being offered pursuant to the Company's effective shelf registration statement and base prospectus contained therein.
Pharmacyclics intends to use the proceeds of the transaction for general corporate purposes, including clinical trials, preclinical research expenses, general and administrative expenses and for working capital.
The closing of the offering is expected to occur on or before June 21, 2010.
Copies of the final prospectus supplement and accompanying base prospectus can be obtained directly from the Company or from the Securities and Exchange Commission's website at http://www.sec.gov when they become available.
A shelf registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. A prospectus supplement related to the offering will be filed with the Securities and Exchange Commission.