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Exelixis Announces Full Year and Fourth Quarter 2007 Financial Results
Date:2/14/2008

006. The increase in expenses for the full year and quarter reflects the increased development expenses associated with the continued expansion of our clinical trial activity and the advancement of our compounds through preclinical development.

General and administrative expenses for the year were $44.9 million, compared to $39.1 million in 2006. General and administrative expenses for the quarter were $11.8 million, compared to $11.3 million for the comparable period in 2006. The increase for both the full year and quarter was primarily due to personnel expenses and stock-based compensation expense to support our expanding operations.

Net loss for the year ended December 31, 2007 was $86.4 million, or $0.87 per share, compared to $101.5 million, or $1.17 per share, in 2006. Net loss for the fourth quarter of 2007 was $19.9 million, or $0.19 per share, compared to $25.2 million, or $0.27 per share, for the comparable period in 2006. The decrease in net loss for the full year was primarily due to the $18.8 million gain from the sale of assets recognized in conjunction with our transaction with Agrigenetics, Inc. in September 2007 and an $18.1 million gain on the sale of 80.1% of Artemis Pharmaceuticals to Taconic Farms, Inc. in November 2007. The decrease in net loss for the quarter is primarily due to the $18.1 million gain from the Artemis transaction in November.

Cash and cash equivalents, short-term and long-term marketable securities, investments held by Symphony Evolution, Inc. (a consolidated clinical development financing vehicle) and restricted cash and investments totaled $299.5 million at December 31, 2007, compared to $263.2 million at December 31, 2006.

2007 Highlights

Research & Development

-- Submitted diligence reports on XL647, XL880 and XL784 to

GlaxoSmithKline under our development and commercialization agreement.

-- Initiated a phase 2 trial of XL647 in non-small cell lung cancer


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SOURCE Exelixis, Inc.
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