Pharmacyclics to respond today to Nasdaq warning
In response to a notice it got Feb. 18 from Nasdaq that its shareholder equity as of Dec. 31 was below the stock market’s $10 million minimum, Pharmacyclics said in a filing today it was submitting a plan today “to achieve and sustain compliance with the continued listing requirements.”
The Sunnyvale pharmaceutical’s stockholders’ equity on Dec. 31, 2008 was $8,032,000, but did not include the effects of the $5 million loan the company received from its chief executive, Robert Duggan, nor its recently completed sale $1.4 million worth of stock.
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