Pharmacyclics plans follow-on offering of 3.8 million shares via RBC, Thomas Weisel

By Ronda Fears

Memphis, Oct. 30 - Pharmacyclics, Inc. announced Monday plans to sell 3,809,524 shares in a follow-on offering via joint bookrunners RBC Capital Markets Corp. and Thomas Weisel Partners LLC.

There is a greenshoe of 571,428 shares available.

Pharmacyclics shares (Nasdaq: PCYC) closed Monday up by 8 cents, or 1.52%, at $5.33.

Pharmacyclics said proceeds would be used for general corporate purposes, including clinical trials, preclinical research expenses, general and administrative expenses and working capital.

Sunnyvale, Calif.-based Pharmacyclics develops synthetic small molecules designed to target key biochemical pathways in diseased cells, particularly cancer cells. It is developing Xcytrin and several compounds acquired from Celera Genomics in April 2006 and has PCI-24781 in a phase 1 trial for advanced relapsed solid tumors.

Pharmacyclics said it has also completed a phase 1 clinical trial with Antrin for coronary artery disease in patients receiving balloon angioplasty and stents but, given its focus in oncology, does not plan to conduct further clinical trials with Antrin unless it is able to enter into a corporate partnership.

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