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Under the terms of the loan, Pharmacyclics is to pay RWD the principal sumof $5,000,000 on the earlier of (i) July 1, 2010 or (ii) upon the closing ofan equity offering or rights offering by Pharmacyclics. The loan bearsinterest as follows: (i) 1.36% from December 30, 2008 until March 31, 2009,(ii) the rate of interest in effect for such day as publicly announced fromtime to time by Citibank N.A. as its "prime rate" from April 1, 2009 untilDecember 31, 2009 and (iii) the prime rate plus 2% from January 1, 2010 untilthe expiration of the loan. Interest is to be paid annually.
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Mr. Duggan commented, "While the global economy is in unchartered watersand forecasts concerning the future are all over the map, it is important tokeep in mind that companies like Pharmacyclics continue to discover anddevelop innovative medicines to treat serious, unmet worldwide medical needs.As a practical matter almost every country, company, organization andindividual that make up this economy of ours is presently very engaged inplotting a course of action that creates prosperity and forward progress fortheir shareholders, for their employees, and in the case of Pharmacyclics, forcancer patients.
"We take full responsibility for what we know and know the work we areengaged in is work worth doing. Our resolve has never been stronger. I ampleased to be in a position to continue investing in what I feel is a brightfuture in the making at Pharmacyclics."
About Pharmacyclics
Pharmacyclics(R) is committed to creating and developing novelpharmaceutical products that treat serious unmet medical needs in oncology andautoimmune diseases. Its deep and broad pipeline includes four innovativedrug candidates that are currently under clinical development. The Company isheadquartered in Sunnyvale, California and is listed on NASDAQ under thesymbol PCYC. To learn more about how Pharmacyclics advances science to improvehuman healthcare visit us 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 inthis press release about future plans for and the timing of initiation of ourclinical trials, progress of and reports of results from preclinical andclinical studies, expected effect of our products under development, clinicaldevelopment plans and product development and corporate partnering activitiesare forward-looking statements, as defined in the Private SecuritiesLitigation Reform Act of 1995. The words "project," "believe," "will," "may,""continue," "plan," "expect," "intend," "anticipate," variations of suchwords, and similar expressions also identify forward-looking statements, buttheir absence does not mean that the statement is not forward-looking. Theforward-looking statements are not guarantees of future performance and aresubject to risks and uncertainties that may cause actual results to differmaterially from those in the forward-looking statements. Factors that couldaffect actual results include risks associated with unexpected delays inclinical trials and preclinical studies and the timing for making relatedregulatory filings; the fact that data from preclinical studies and Phase 1 orPhase 2 clinical trials may not necessarily be indicative of future clinicaltrial results; our ability to obtain future financing and fund the productdevelopment of our pipeline; the initiation, timing, design, enrollment andcost of clinical trials and preclinical studies; our ability to establishsuccessful partnerships and collaborations with third parties; the regulatoryapproval process in the United States and other countries; and our futurecapital requirements. For further information about these risks and otherfactors that may affect the actual results achieved by Pharmacyclics, pleasesee the company's reports as filed with the U.S. Securities and ExchangeCommission from time to time, including but not limited to its annual reporton Form 10-K for the period ended June 30, 2008 and its subsequently filedquarterly reports on Form 10-Q. Forward-looking statements contained in thisannouncement are made as of this date, and we undertake no obligation topublicly update any forward-looking statement, whether as a result of newinformation, future events or otherwise.
SOURCE Pharmacyclics, Inc.
