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Exelixis Announces Third Quarter 2007 Financial Results and Business Update
Date:11/5/2007

e sale of assets recognized in conjunction with our transaction with Agrigenetics Inc., a wholly-owned subsidiary of The Dow Chemical Company, which was accounted for as a sale of our plant trait business.

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 $297.6 million at September 30, 2007, compared to $263.2 million at December 31, 2006.

Q3 2007 Business Highlights

* In mid-September, we submitted a data report for XL880 to our partner

GlaxoSmithKline (GSK), which had requested an accelerated review of

XL880. GSK has 90 days from the date of submission of the data report

for XL880 to determine whether it will select XL880 for further

clinical development and commercialization.

* We presented encouraging data from a phase 2 proof-of-concept trial of

XL647 as first-line therapy for non-small cell lung cancer (NSCLC) at

the IASLC World Conference on Lung Cancer in Seoul, South Korea. On

October 24, 2007, we presented updated data from this same trial at

the AACR-NCI-EORTC Conference, where investigators reported that over

68% of evaluable patients had a clinical benefit. Out of 34 evaluable

patients, there were 10 partial responses and 13 cases of stable

disease. Responses were observed in patients with and without

activating EGFR mutations, and the compound was generally well

tolerated.

* We retained the right to develop and commercialize XL647 after GSK

declined its option to further develop the compound. Having clarified

ownership of the compound, we have begun an aggressive development

program that calls for pivotal trials of XL647 to be initiated in the

first half of 2008.

* We ex
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SOURCE Exelixis, Inc.
Copyright©2007 PR Newswire.
All rights reserved

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