By Sheri Kasprzak
New York, Aug. 21 - Pharmacyclics, Inc. obtained a $20 million equity line from Azimuth Opportunity Ltd.
Azimuth may purchase up to $20 million in stock over 18 months at discounts ranging from 5% to 7% of the volume weighted average price for the 10 consecutive trading days before a draw, based upon the company's then-current market capitalization.
There is a limit of 2.5% of the company's market capitalization on each draw.
Proceeds from the offering will be used for clinical trials, research and development expenses, general and administrative costs and working capital.
Located in Sunnyvale, Calif., Pharmacyclics develops treatments for cancer and other diseases.
| Issuer: | Pharmacyclics, Inc.
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| Issue: | Equity line
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| Amount: | $20 million
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| Tenor: | 18 months
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| Price: | Discounts of 5% to 7% of the VWAP for the 10 consecutive trading days before a draw
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| Warrants: | No
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| Investor: | Azimuth Opportunity Ltd.
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| Settlement date: | Aug. 21
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| Stock symbol: | Nasdaq: PCYC
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| Stock price: | $4.34 at close Aug. 21
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