June 20, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Pharmacyclics, Inc. (NASDAQ: PCYC) said that it has increased the number of shares to be sold in its registered direct offering by around 1.9 million shares, for a total offering of around eight million shares.

The company said that the increase was due to additional demand from institutional investors who were previously participating in the registered direct offering.

At an offering price of $6.51 per share, the closing price on June 15, the gross proceeds for Pharmacyclics, before deducting fees and expenses, will be around $52 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.  

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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