Pharmacyclics, the Sunnyvale biopharmaceutical whose chief executive, Robert Duggan loaned it $5 million in January to help it stay afloat, will receive at least $6.5 million more from the boss, who has agreed to take advantage of the company’s offer to all of its shareholders giving them the right to acquire about Read the rest of this entry »
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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