Pharmacyclics reports net loss of $42.2 million for fiscal year, moves ahead with Xcytrin development

By Lisa Kerner

Charlotte, N.C., Aug. 24 - Pharmacyclics, Inc. said its net loss for the fourth quarter of fiscal 2006 increased to $14.7 million, or $0.73 per share, from a net loss of $8.0 million, or $0.40 per share, for the fourth quarter of fiscal 2005.

Total GAAP operating expenses for the quarter were up at $15.2 million from $8.5 million for the prior-year period.

The company's net loss for the fiscal year ended June 30 increased to $42.2 million, or $2.12 per share, from a net loss of $31.0 million, or $1.57 per share, for fiscal-year 2005.

As of June 30, Pharmacyclics had cash, cash equivalents and marketable securities totaling $40.5 million, compared with $71.9 million on June 30, 2005.

Company highlights for the fiscal year include completion of the phase 3 Smart trial with Xcytrin for treatment of patients with lung cancer brain metastases and the start of phase 2 trials of Xcytrin in non-small cell lung cancer and radiation.

Pharmacyclics also acquired several oncology therapeutic programs from Celera Genomics and secured access to up to $20 million in capital over the next 18 months.

"The company is in a unique position now with our late-stage product candidate, Xcytrin, which addresses a large market for a serious illness, and an expanded pipeline of oncology product opportunities," president and chief executive officer Richard A. Miller said in a company news release.

"Over the next year, we plan to file a New Drug Application for Xcytrin and to initiate a phase 3 trial of Xcytrin in recurrent lung cancer. We'll also have data to share from ongoing trials and plan a range of earlier-stage clinical trials with both Xcytrin and our other oncology drug candidates."

Guidance for fiscal 2007 projects total operating expenses of between $13 million and $14 million for the first six months of the year.

Pharmacyclics, located in Sunnyvale, Calif., develops products to treat cancer and other serious diseases.

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