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

e moved several compounds into phase 2 development, continued to expand our clinical development pipeline and finished the year with approximately $300 million in cash," said George Scangos, Ph.D., president and chief executive officer of Exelixis, Inc. "The rapid advancement of our pipeline has positioned 2008 to be a transformative year for the company. We have submitted ten abstracts to ASCO covering a number of compounds and trials. Importantly, we hope to present meaningful data sets for XL647, XL880 and XL184, as well as our inhibitors of the PI3 kinase and MAP kinase pathways. We also plan to initiate pivotal trials this year for XL647 for non-small cell lung cancer, XL184 for medullary thyroid cancer, and potentially XL019 for myelofibrosis. We also expect multiple opt-in decisions in 2008 from partners that will give us the opportunity to co-develop and profit-share in new compounds targeting important pathways commonly deregulated in human cancers."

Financial Outlook

For the full year 2008, we expect revenues in the range of $100.0 million to $130.0 million and operating expenses in the range of $290.0 million to $320.0 million, including stock-based compensation and other non-cash charges of approximately $20.0 million to $25.0 million. The increase in expenses is primarily related to the ongoing advancement and expansion of our development activities and corresponding increases in our general and administrative infrastructure. The Company's cash, cash equivalents, short-term and long-term marketable securities, investments held by Symphony Evolution, Inc. and restricted cash balance at the end of 2008 is expected to exceed $200.0 million.

Conference Call and Webcast

Exelixis' management will discuss the company's full year and fourth quarter 2007 financial results as well as general business updates during a conference call beginning at 2:00 p.m. PT/ 5:00 p.m. ET today, Thursday, February 14, 2008. To listen to a webcast of th
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