Pharmacyclics Q4 Net Loss Increases

Pharmacyclics has reported a GAAP net loss of $5.4m, or $0.20 per share for the fourth quarter of fiscal 2009, compared to a net loss of $4.6m, or $0.18 per share for the fourth quarter of fiscal 2008. Total non-GAAP net loss for the quarter was $4.2m in 2009, compared to $4.2m in 2008.

The company has reported a GAAP net loss of $23.5m, or $0.88 per share reported for the fiscal year ended June 30, 2009, compared to a net loss of $24.3m, or $0.93 per share, for fiscal year 2008. Total non-GAAP net loss for the fiscal year decrease by 18% to $18.1m, compared to $22.0m for fiscal 2008.

The company expects its patient/trial related expenses to increase by as much as $4.0m year over year, from currently $3.5 to approximately $7.5m. Furthermore, toxicology & pharmacology expenses are expected to increase by approximately $1.3m year over year, from currently $1.3m to approximately $2.6m.

Robert Duggan, chairman of the Board and CEO of Pharmacyclics, said: “This last year has been very meaningful for Pharmacyclics. We put in place a new board of directors, a new management team and a very accomplished and supportive advisory board. After reorganising the focus of the company and aligning our clinical drug programs, we signed a very important partnership for the company in our fourth quarter with Servier, the largest private French Biotech firm, and received immediately $11.0 million with an additional $4.0 million in future research payments and $2.0 million in future product purchases.

“Together with these payments over the next two years and our most recent rights offering of $28.8 million and the equity raised during this spring of $1.4 million, the new team at Pharmacyclics is responsible for generating more than $45.0 million in new capital. We now have the funds to progress our four clinical programs in a meaningful way and continue to advance these novel product candidates.”