Pharmacyclics (PCYC) Rights Offering Oversubcribed
Pharmacyclics (PCYC) share are up 10% to $1.49 on news that its right offering is oversubscribed.
PCYC said the preliminary results of its rights offering to purchase up to 22,500,000 shares of the Company’s common stock at a subscription price of $1.28 per share, which expired as of 5:00 p.m., EDT, on July 31, 2009. The Company increased the offering size on July 29, 2009 by 3,750,000 shares, from up to 18,750,000 shares to up to 22,500,000 shares.
The subscription agent has informed the Company that based on a preliminary tabulation, as of the close of the offering the Company had received valid subscriptions from approximately 375 participants for the purchase of in excess of the 22,500,000 shares offered. The total gross proceeds anticipated to be received is $28,800,000.
The firm is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative small-molecule drugs for the treatment of immune mediated disease and cancer.
Douglas A. McIntyre
