June 18, 2010 (FinancialWire) — Pharmacyclics, Inc. (NASDAQ: PCYC) said that it has entered into stock purchase agreements with various institutional investors for the sale of around 6.15 million shares of its common stock in a registered direct offering at $6.51 per share, the stock’s closing price on June 15.

 Gross proceeds of the offering are expected to be around $40 million.

Pharmacyclics plans to use the proceeds of the transaction for general corporate purposes, including clinical trials, preclinical research expenses, general and administrative expenses and for working capital.  

The closing of the offering is scheduled to occur on or before June 21.

California-based Pharmacyclics is a clinical-stage biopharmaceutical company focused on developing and commercializing small-molecule drugs for the treatment of immune-mediated diseases and cancer.

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