By Marisa Wong
Milwaukee, June 16 - Pharmacyclics, Inc. announced that it has entered into agreements with institutional investors to raise roughly $40 million in a registered direct offering of common stock.
The company will sell about 6.15 million common shares at $6.51 per share.
The offering is expected to close on or before June 21.
Proceeds will be used for general corporate purposes, including clinical trials, pre-clinical research expenses, general and administrative expenses, and for working capital.
Based in Sunnyvale, Calif., Pharmacyclics is a clinical-stage biopharmaceutical company focused on developing and commercializing small-molecule drugs for the treatment of immune-mediated diseases and cancer.
| Issuer: | Pharmacyclics, Inc.
|
| Issue: | Common shares
|
| Amount: | $40 million (approximate)
|
| Shares: | 6.15 million (approximate)
|
| Price: | $6.51
|
| Warrants: | No
|
| Announcement date: | June 16
|
| Settlement date: | June 21
|
| Distribution: | Registered direct
|
| Stock symbol: | Nasdaq: PCYC
|
| Stock price: | $6.51 at close June 15
|
| Market capitalization: | $360.43 million
|
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