Pharmacyclics Announces Results of Registered Direct Offering of 6.5M Shares

Pharmacyclics, Inc. PCYC today announced that it has entered into stock purchase agreements with various institutional investors and its CEO for the sale of 6,448,829 shares of its common stock in a registered direct offering at $8.85 per share, the closing price on June 16, 2011. Gross proceeds of the offering, before deducting expenses, are expected to be approximately $57.1 million. 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.