Pharmacyclics Reports Third Quarter 2008 Financial Results
- Company to Host Conference Call at 4:30 p.m. EDT Today -
SUNNYVALE, Calif., April 24 /PRNewswire-FirstCall/ -- Pharmacyclics, Inc.
(Nasdaq: PCYC) today reported financial results for its third fiscal quarter
ended March 31, 2008. The net loss for the third quarter of fiscal 2008 was
$7.0 million, or $0.27 per share, compared to a net loss of $6.8 million, or
$0.26 per share, in the third quarter of fiscal 2007.
Total operating expenses were $7.2 million in the third quarter of fiscal
2008 compared to $7.4 million for the third quarter of fiscal 2007, a decrease
of $0.2 million. Share-based compensation expense was $0.5 million in the
third quarter of fiscal 2008 compared to $0.9 in the third quarter of fiscal
2007. The decrease in total operating expenses in the third quarter of fiscal
2008 was primarily related to reduced personnel expenses due to lower
headcount and lower share-based compensation expense, partially offset by
increased outside pre-clinical and drug manufacturing expenses associated with
the Company's HDAC, Btk and Factor VIIa inhibitor programs.
Pharmacyclics also reported its financial results for the nine months
ended March 31, 2008. The net loss for the nine months ended March 31, 2008
was $19.7 million, or $0.76 per share, compared to a net loss of
$19.2 million, or $0.82 per share, for the nine months ended March 31, 2007.
As of March 31, 2008 the company's cash, cash equivalents and marketable
securities totaled $21.3 million compared to $38.8 million at June 30, 2007.
The company expects cash used in operations over the next four quarters to be
approximately $16 million.
'In the remainder of 2008, we anticipate expanding our clinical programs
with our oral HDAC inhibitor, PCI-24781, by initiating a Phase 1/2 trial
evaluating it in hematologic malignancies, and filing investigational new drug
applications for our Factor VIIa inhibitor and our Btk inhibitor,' said
Richard A. Miller, M.D., president and chief executive officer of
Pharmacyclics. 'We own worldwide rights to these novel compounds, which have
the potential to address unmet needs in large patient populations.'
Recent Events and Upcoming Milestones -- Data was published in the February 7 issue of Leukemia characterizing the company's novel highly-selective histone deacetylase (HDAC) inhibitor showing that the drug candidate, PCI-34501, inhibits HDAC-8 with 200-1000 fold selectivity over other HDAC enzymes. -- Six presentations relating to the company's HDAC, Factor VIIa and Btk programs were made at the American Association for Cancer Research (AACR) 2008 Annual Meeting held in April 2008: - Reseachers from the University of Texas M.D. Anderson Cancer Center conducted laboratory studies with the company's HDAC inhibitor, PCI-24781, demonstrating inhibition of NFkB, a transcription factor known to drive tumor growth; - Other researchers at M.D. Anderson found that treatment of animals with resistant tumors that overexpress the protein ErbB2, or Her2, with PCI-24781 led to control of tumors in 80 percent of the animals, with most achieving partial response; - The company's Factor VIIa inhibitor, PCI-27483, led to inhibition of tumor growth in animal models of human pancreatic tumors; and - PCI-32765, the company's orally available, selective inhibitor of Bruton's tyrosine kinase, or Btk, was shown to block B-cell receptor mediated signaling in vitro in the treatment of B-cell lymphomas. Treatment with PCI-32765 in lymphoma-bearing animal models resulted in inhibition of tumor growth and significant activity in animal models of arthritis. -- Plan to initiate Phase 1/2 trial evaluating HDAC inhibitor, PCI-24781, given orally in hematologic malignancies in second quarter of 2008. -- Plan to file investigational new drug (IND) application for the company's Factor VIIa inhibitor in the second half of 2008. -- Plan to file IND application for the company's small molecule Btk inhibitor in the second half of 2008.
Conference Call and Webcast Details
The Company will hold a conference call today at 4:30 p.m. EDT to discuss
third quarter 2008 financial results and achievements. To participate in the
conference call, please dial 800-497-0451 for domestic callers and
706-758-3306 for international callers and reference conference passcode,
43624853. To access the live audio broadcast or the subsequent archived
recording, log on to http://ir.pharmacyclics.com. The archived version of the
webcast will be available on the company's website for one month.
About Pharmacyclics
Pharmacyclics is a pharmaceutical company developing innovative products
to treat cancer and other serious diseases. The company is leveraging its
small-molecule drug development expertise to build a pipeline in oncology and
other diseases based on a wide range of targets, pathways and mechanisms.
More information about the company, its technology, and products can be found
at http://www.pharmacyclics.com. Pharmacyclics(R), and the 'pentadentate'
logo(R) are registered trademarks of Pharmacyclics, Inc.
