Jun 17 2010
Pharmacyclics, Inc. (Nasdaq: PCYC) today announced that it has increased the number of shares to be sold in the registered direct offering previously announced on June 15, 2010 by approximately 1.9 million shares, for a total offering of approximately 8 million shares. The increase in the number of shares was due to additional demand from institutional investors who were previously participating in the registered direct offering.
At an offering price of $6.51 per share, the closing price on June 15, 2010, the gross proceeds for Pharmacyclics, before deducting fees and expenses, will be approximately $52 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.