Summary of PHARMACYCLICS INC

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard;

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On February 18, 2009, Pharmacyclics, Inc. (the "Company") received a notice from The Nasdaq Stock Market dated February 18, 2009, about Nasdaq's equity requirements. The notice has no immediate effect on the listing of the Company's common stock. In its letter, Nasdaq requested that the Company provide a plan to achieve and sustain compliance with the continued listing requirements of The Nasdaq Global Market, including the minimum stockholders' equity requirement, before March 5, 2009. The stockholders' equity of the Company on December 31, 2008 was less than the $10 million in stockholders' equity required for continued listing on The Nasdaq Global Market under Marketplace Rule 4450(a)(3). Pharmacyclics, Inc. is considering various possibilities to address this issue, including but not limited to a rights offering. The stockholders' equity on December 31, 2008 was $8,032,000, this does not include the loan the company has received from Mr. Duggan, CEO and Chairman, of $5,000,000 and the recently completed sale of stock of $1,400,000, which when combined total $6,400,000.

The Company will submit its plan to Nasdaq by February 25th, 2009. If Nasdaq determines that the Company has made a reasonable demonstration in the plan of its ability to regain compliance with all applicable continued listing standards and the meeting of certain other criteria, Nasdaq will accept the plan and the Company will remain listed and have 105 days to demonstrate compliance. Alternatively, the Company may apply to move to the alternative Nasdaq Capital Market, for listing there.