Pharmacyclics secures $20M equity funding

California, USA-based pharmaceutical company Pharmacyclics says that it has received a commitment for up to $20.0 million in common stock equity financing from investment group Azimuth Opportunity.The deal allows the firm, over the next 18-months, to sell registered shares to Azimuth, at a small discount to the market price at the time.

Pharmacyclics said that it would use the proceeds from the net sale of securities for general corporate purposes, including trials and R&D, particularly in relation to the development of its lead oncology product Xcytrin (motexafin gadolinium), as well as for working capital.