The Recurring Operational Expense For The Quarter Was $4.9 Million
SUNNYVALE, Calif., April 23 /PRNewswire-FirstCall/ -- Pharmacyclics, Inc. (Nasdaq: PCYC) today reported financial results for its third fiscal quarter ended March 31, 2009. The net loss for the third quarter of fiscal 2009 was $6.7 million, or $0.25 per share, compared to a net loss of $7.0 million, or $0.27 per share, in the third quarter of fiscal 2008.
Total operating expenses were $6.4 million for the third quarter of fiscal 2009 compared to $7.2 million for the third quarter of fiscal 2008. The net share-based compensation expense was $0.5 million in the third quarter of fiscal 2009 compared to $0.5 million in the third quarter of fiscal 2008. Recurring operational expenses were approximately $4.9 million, excluding the share based compensation of $0.5 million and a non-recurring expense of $1.0 million to Celera Corporation ('Celera'). The decrease in total operating expenses in the third quarter of fiscal 2009 was primarily due to reduced personnel expenses, reduced manufacturing costs and outside preclinical 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, 2009. The net loss for the nine months ended March 31, 2009 was $18.0 million, or $0.69 per share, compared to a net loss of $19.7 million or $0.76 per share, for the nine months ended March 31, 2008. The net loss for the nine months ended March 31, 2009 included $2.7 million of severance related expenses. The nine month operating expenses were $17.9 million. The nine month recurring operational expenses were approximately $13.1 million, excluding the non recurring severance related cash expenses of $0.9 million, the Celera amendment expenses of $1.0 million, as well as the stock based compensation expenses of $2.9 million.
As of March 31, 2009, the company's cash, cash equivalents and marketable securities totaled $11.5 million compared to $16.8 million at June 30, 2008. As previously announced, the company borrowed an additional $1.4 million from Robert W. Duggan & Associates on March 31, 2009, bringing total borrowings from Robert W. Duggan & Associates to $6.4 million as of March 31, 2009. The principal amount of the loan has been discounted to fair value, for balance sheet presentation. The accretion of the discount will cause an increase in the carrying amount of indebtedness, and in charges to interest expense, from April 1, 2009 to June 30, 2009 of $0.3 million.
As previously announced on April 17, 2009, the Company has entered into a collaboration agreement with Les Laboratoires Servier ('Servier') pursuant to which Pharmacyclics granted to Servier an exclusive license for its pan HDAC inhibitors, including PCI-24781, for territories throughout the world ex-US.
