Pharmacyclics, Inc. (Nasdaq: PCYC) recently reported financial results for its first fiscal quarter ended September 30, 2009. The net loss for the first quarter of fiscal 2010 was $4.8 million, or $0.12 per share, compared to a net loss of $6.5 million, or $0.25 per share, in the first quarter of fiscal 2009.
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Total operating expenses were $4.8 million in the first quarter of fiscal 2010, including $0.2 million of share-based compensation expense. In 2009 total operating expenses were $6.6 million, including share-based compensation expense of $1.8 million. Excluding share-based compensation expense, total expenses were $4.6 million in the first quarter of fiscal 2010 compared to $4.8 million for the first quarter of fiscal 2009, a decrease of $0.2 million.
As of September 30, 2009, the company's cash, cash equivalents and marketable securities totaled $33.9 million compared to $16.3 million as of June 30, 2009. In July 2009, the company completed a Rights Offering resulting in the sale of approximately 22.5 million shares of common stock for net proceeds of $27.8 million. Robert W. Duggan, the company's Chairman of the Board and CEO, purchased 4.8 million shares in the Rights Offering. In connection with the Rights Offering, the company repaid a $6.4 million loan from an affiliate of Mr. Duggan. Mr. Duggan concluded, "To avoid conflict with the upcoming American Society of Hematology (ASH) meeting to be held December 4 - 8, 2009, we will hold our conference call after we release HDAC & Btk clinical trial data at ASH. Meanwhile we remain convinced we are engaged in meaningful progress across all four of our clinical molecules. We look forward to providing a robust review of each of our clinical programs at our annual shareholder meeting scheduled for December 18, 2009."
Pharmacyclics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative small-molecule drugs for the treatment of immune mediated disease and cancer. The purpose of the company is to create a profitable business by generating income from products it develops, licenses and commercializes, either with one or several potential partners or alone as may best forward the economic interest of its stakeholdersPharmacyclics endeavors to create novel, patentable, differentiated products that have the potential to significantly improve the standard of care in the markets it serves.
Presently, Pharmacyclics has four product candidates in clinical development and two product candidates in pre-clinical development. It is Pharmacyclics' business strategy to establish collaborations with large pharmaceutical and biotechnology companies for the purpose of generating present and future income in exchange for adding to their product pipelines. Pharmacyclics strives to generate collaborations that allow it to retain valuable territorial rights and simultaneously fast forward the clinical development and commercialization of its products. The Company is headquartered in
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