| Pharmacyclics Reports First Quarter Fiscal 2010 Financial Results |
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30/10/2009 16:20 (21 Day 22:41 minutes ago) | |||||
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The FINANCIAL -- Pharmacyclics, Inc. (Nasdaq: PCYC) on October 29 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.
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.
Today, the company also announced that Dr. Glenn Rice, our President and Chief Operating Officer, will end his position with Pharmacyclics in mid-February, 2010, to return to his long held passion for drug development in Asia. He will remain a Pharmacyclics board member.
Mr. Duggan stated, "I would like to thank Glenn for his dedication and assistance in a critical time for Pharmacyclics. With his broad experience he has assisted us in evaluating our pipeline. We are continuing various executive searches in key areas to further support our goal of achieving viability and growth through innovation." 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."
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