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."
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.
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.
NOTE: Other than statements of historical fact, the statements made in this press release about our expected cash used in operations over the next four quarters, the initiation of and enrollment and future plans for our clinical trials, progress of and reports of results from preclinical and clinical studies, clinical development plans and product development and corporate partnering activities are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. The words "believe," "will," "may," "continue," "plan," "expect," "intend," "anticipate," variations of such words, and similar expressions also identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. The forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that may cause actual results to differ materially from those in the forward-looking statements. Factors that could affect actual results include risks associated with our ability to accurately predict our future cash needs; unexpected delays in clinical trials and preclinical studies and the timing for making related regulatory filings; the fact that data from preclinical studies and Phase 1 or Phase 2 clinical trials may not necessarily be indicative of future clinical trial results; our ability to obtain future financing and fund the product development of our pipeline; the initiation, timing, design, enrollment and cost of clinical trials and preclinical studies; our ability to establish successful partnerships and collaborations with third parties; the regulatory approval process in the United States and other countries; and our future capital requirements. For further information about these risks and other factors that may affect the actual results achieved by Pharmacyclics, please see the company's reports as filed with the U.S. Securities and Exchange Commission from time to time, including but not limited to its annual report on Form 10-K for the period ended June 30, 2007 and its subsequently filed quarterly reports on Form 10-Q. Forward-looking statements contained in this announcement are made as of this date, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Pharmacyclics, Inc.