Pharmacyclics Reports First Quarter Fiscal 2010 Financial Results

SUNNYVALE, Calif., Oct. 29 /PRNewswire-FirstCall/ -- Pharmacyclics, Inc.
(Nasdaq: PCYC) today 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."

For further questions please contact Ramses Erdtmann VP Finance at:
408-215-3325

About Pharmacyclics

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
stakeholders. The Company 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 Sunnyvale, California and is listed on NASDAQ under the
symbol PCYC. To learn more about how Pharmacyclics advances science to improve
human healthcare visit us at http://www.pharmacyclics.com.

NOTE: This announcement may contain forward-looking statements made in
reliance upon the safe harbor provisions of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended, including statements regarding our expectations and beliefs
regarding our future results or performance. Because these statements apply to
future events, they are subject to risks and uncertainties. When used in this
announcement, the words "anticipate", "believe", "estimate", "expect",
"expectation", "should", "would", "project", "plan", "predict", "intend" and
similar expressions are intended to identify such forward-looking statements.
Our actual results could differ materially from those projected in the
forward-looking statements. Additionally, you should not consider past results
to be an indication of our future performance. For a discussion of the risk
factors and other factors that may affect our results, please see the Risk
Factors section of our filings with the Securities and Exchange Commission,
including our annual report on Form 10-K and quarterly reports on Form 10-Q.
We do not intend to update any of the forward-looking statements after the
date of this announcement to conform these statements to actual results, to
changes in management's expectations or otherwise, except as may be required
by law.

PHARMACYCLICS, INC.
STATEMENTS OF OPERATIONS
(unaudited) (in thousands, except per share amounts)

Three Months Ended
September 30,
-------------
2009 2008
---- ----

Operating expenses:
Research and development $3,288 $3,203
General and administrative 1,533 3,439
----- -----
Total operating expenses 4,821 6,642
----- -----

Loss from operations (4,821) (6,642)

Interest and other income, net (24) 100
--- ---
Net loss $(4,845) $(6,542)
======= =======

Basic and diluted net loss per share $(0.12) $(0.25)
====== ======
Shares used to compute basic and
diluted net loss per share 40,993 26,015
====== ======

PHARMACYCLICS, INC.
CONDENSED BALANCE SHEETS
(unaudited) (in thousands)

September 30, June 30,
2009 2009
---- ----
ASSETS
Cash, cash equivalents and marketable
securities* $33,874 $16,326
Other current assets 835 1,215
--- -----
Total current assets 34,709 17,541
Property and equipment, net 413 470
Other noncurrent assets 290 290
--- ---
$35,412 $18,301
======= =======

LIABILITIES AND STOCKHOLDERS' EQUITY
Note payable to related party $- $6,379
Deferred revenue - current portion 8,490 7,025
Other current liabilities 2,244 1,968
----- -----
Total current liabilities 10,734 15,372
Deferred revenue - non-current portion 3,138 4,603
Other long term obligations 62 67
-- --
Total liabilities 13,934 20,042
Stockholder's equity (deficit) 21,478 (1,741)
------ ------
$35,412 $18,301
======= =======

* Marketable securities $12,144 $1,792
======= ======

SOURCE Pharmacyclics, Inc.

Ramses Erdtmann, Vice President of Finance, +1-408-215-3325