Pharmacyclics, Inc. Announces Proposed Public Offering of Common Stock

SUNNYVALE, Calif., March 7, 2013 /PRNewswire/ -- Pharmacyclics, Inc. (NASDAQ: PCYC), a clinical-stage biopharmaceutical company focused on developing and commercializing innovative small-molecule drugs for the treatment of cancer and immune mediated diseases, today announced that it has commenced an underwritten registered public offering of 2,200,000 shares of its common stock, representing approximately 3.1% of the shares of common stock currently outstanding. All of the shares are being sold by Pharmacyclics.

J.P. Morgan Securities LLC is acting as sole manager for the proposed offering. Pharmacyclics intends to grant the underwriter a 30-day option to purchase up to an additional 330,000 shares of common stock to cover over-allotments, if any. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the final size or terms of the offering.

Pharmacyclics intends to use the net proceeds from this offering to accelerate commercial readiness for Ibrutinib post Breakthrough Therapy Designation, to advance its clinical pipeline, including expanding clinical development of Ibrutinib in additional indications, to evaluate strategic opportunities to potentially add synergistic assets, and for general corporate purposes.   

The shares will be issued pursuant to an effective shelf registration statement on Form S-3 filed today with the Securities and Exchange Commission. Pharmacyclics has filed with the Securities and Exchange Commission a preliminary prospectus supplement with respect to the offering.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Pharmacyclics, nor shall there be any offer or sale of securities in any state or jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the preliminary prospectus supplement and accompanying prospectus may be obtained from J.P. Morgan Securities LLC via Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York, 11717 or by calling toll-free (866) 803-9204.

About Pharmacyclics

Pharmacyclics, Inc., headquartered in Sunnyvale, California, is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative small-molecule drugs for the treatment of cancer and immune mediated diseases. Its corporate mission and goal is to build a viable biopharmaceutical company that designs, develops and commercializes novel therapies intended to improve quality of life, increase duration of life and resolve serious medical healthcare needs; and to identify promising product candidates based on scientific and administrational development expertise, develop our product candidates in a rapid, cost-efficient manner and pursue commercialization and/or development partners when and where appropriate.

Presently, Pharmacyclics has three product candidates in clinical development and several research molecules in lead optimization. The Company is committed to high standards of ethics, scientific rigor, and operational efficiency as it moves each of these programs toward viable commercialization.

Pharmacyclics, Inc. Contacts:

Joshua T. Brumm
Executive Vice President, Finance
Phone: 408-215-3311

Ramses Erdtmann
Senior Vice President of Investor Relations
Phone: 408-215-3325

SOURCE Pharmacyclics, Inc.