New York, Nov. 7 - Pharmacyclics, Inc. priced a $19.95 million follow-on offering of common stock at $4.75 a share, discounted from the $4.94 closing level on Tuesday.
The Sunnyvale, Calif., pharmaceutical company sold 4.2 million shares on the off-the-shelf transaction.
RBC Capital Markets Corp. and Thomas Weisel Partners LLC are joint bookrunners.
The deal has a greenshoe for 630,000 shares.
Pharmacyclics said proceeds would be used for general corporate purposes, including clinical trials, preclinical research expenses, general and administrative expenses and working capital.
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.
| Issuer: | Pharmacyclics, Inc.
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| Issue: | Common stock
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| Amount: | $19.95 million
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| Shares: | 4.2 million
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| Greenshoe: | 630,000 shares
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| Price: | $4.75
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| Bookrunners: | RBC Capital Markets Corp., Thomas Weisel Partners LLC
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| Pricing date: | Nov. 7, after close
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| Settlement: | Nov. 13
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| Stock symbol: | Nasdaq: PCYC
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| Stock price: | $4.94 at close Nov. 7
|
| Distribution: | Off shelf
|
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