Key Developments For Pharmacyclics, Inc.
Pharmacyclics, Inc. (PCYC.O) (Consolidated Issue listed on NASDAQ Capital Market)
Pharmacyclics, Inc. Rights Offering Oversubscribed
Pharmacyclics, Inc. announced the preliminary results of its rights offering to purchase up to 22,500,000 shares of the Company's common stock at a subscription price of $1.28 per share, which expired as of 5:00 p.m., EDT, on July 31, 2009. The Company increased the offering size on July 29, 2009 by 3,750,000 shares, from up to 18,750,000 shares to up to 22,500,000 shares. The total gross proceeds anticipated to be received is $28,800,000. Of the total shares subscribed for, 70,911 shares were subscribed for pursuant to notice of guaranteed delivery, which the Company expects to have completed on or before August 5, 2009. Participants in the offering include Federated Kaufmann Funds, Perceptive Advisors LLC, Quogue Capital LLC, Special Situations Life Sciences Fund and Suttonbrook Capital Management, among other institutional investors. The offering was oversubscribed and the proration of available over-subscription shares will be made in accordance with the procedures described in the Prospectus. The Company sold 22,500,000 shares of its common stock in this Offering. This will increase the number of total outstanding shares in the company to approximately 50,000,000 shares. Computershare, the subscription agent, will issue the shares purchased in this Rights Offering as soon as practicable. Subscription rights that were not exercised by July 31, 2009 have expired.
Pharmacyclics, Inc. Announces Subscription Price for Rights Offering
Pharmacyclics, Inc. announced that it has set a subscription price of $1.28 per share of its common stock for its rights offering. An aggregate of approximately 18,750,000 million shares of common stock will be available for purchase in this rights offering for gross proceeds of up to approximately $24 million, less offering expenses, as provided in the prospectus. The Company had previously announced the rights offering will be open to all stockholders of record as of July 15, 2009 (the Record Date). Pursuant to the rights offering, holders of the Company's outstanding common stock on the Record Date will receive one non-transferable basic subscription right. Each basic subscription right entitles holders to purchase 0.6808 shares of the Company's common stock at a purchase price of $1.28 per share. Shares of the Company's common stock that are not subscribed for under the basic subscription rights will be offered to each rights holder that exercises its basic subscription rights in full at the same purchase price per share, as provided in the prospectus.
Pharmacyclics, Inc. Files Registration Statement for Rights Offering
Pharmacyclics, Inc. announced that it filed a registration statement on Form S-3 with the Securities and Exchange Commission (the SEC) for a rights offering to its existing stockholders. The rights offering will be made through the distribution of non transferable subscription rights to purchase shares of the Company's common stock, par value $0.0001 per share, at a subscription price to be determined. Assuming the rights offering is fully subscribed, the Company will receive gross proceeds of approximately $24 million, less expenses of the rights offering. The net proceeds will be used for general working capital purposes, including the repayment of certain indebtedness of Pharmacyclics under an existing promissory note in favor of Robert W. Duggan, Chairman of the Board and Chief Executive Officer.
Pharmacyclics, Inc. Announces Global Strategic Alliance With Les Laboratoires Servier
Pharmacyclics, Inc. announced that it has entered into a global strategic alliance with Servier, the French independent pharmaceutical company. The alliance will focus on the research, development, and commercialization of Pharmacyclics' PCI-24781, an orally active, small molecule inhibitor of Pan HDAC enzymes, that is currently in Phase I/II clinical trials in the United States and being developed for the treatment of solid tumors and hematologic malignancies. Under the terms of the agreement, Servier acquired the exclusive right to develop and commercialize the Pan HDAC inhibitor product worldwide except for the United States and will pay a royalty to Pharmacyclics on sales outside of the United States. Pharmacyclics will continue to own all rights within the United States. Pharmacyclics will receive from Servier upfront payments totaling $11 Million on signing the contract and an additional guaranteed $4 Million for research collaboration over a 24 month period, paid in equal increments every six months with the initial payment due October 1, 2009. Servier will pay for all development costs outside the United States. In addition Pharmacyclics will receive $24.5 Million based on the achievement of certain milestones up to and including commercialization.
Pharmacyclics, Inc. Updates Positive Clinical Responses in its PCI-24781 Clinical Program Targeting HDAC
Pharmacyclics, Inc. announced an update to its clinical programs targeting histone deacetylase (HDAC) with its drug candidate PCI-24781 that is currently in multiple clinical trials for treating various solid and hematologic tumors.In addition, the Company announced multiple presentations regarding its orally available HDAC inhibitor compound at the annual AACR meeting in Denver, Colorado. In a preliminary data review, PCI-24781 is showing promising response in ongoing Phase I/II trials in refractory lymphoma and solid tumors, and is planned to be tested in an upcoming chemotherapy combination setting trial this summer. Currently 16 patients have been enrolled to date in a multicenter Phase I/II monotherapy trial in refractory lymphoma. From 10 patients evaluated to date, PCI-24781 has shown good activity (70% PR+SD) as a single agent, with one partial response in follicular NHL and verified stable diseases in SLL, CTCL, Hodgkin`s disease and follicular lymphoma. In addition, one patient with angioimmunoblastic T-cell lymphoma had a resolution of multiple disease lesions except for one lesion, but was overall scored as a disease progression. In refractory solid tumors where 44 patients have been enrolled in IV and oral dose escalation trials, there were 8 SD out of 31 evaluable patients. Overall duration of SD was very good, with the longest duration (8 months) observed in a rectal adenocarcinoma patient.
