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Exelixis Receives $150 Million Funding Commitment From Deerfield Management
Date:6/5/2008

ion draw at an exercise price equal to 20% above the average of the daily volume weighted average stock price for each of the 15 trading days following the day on which Exelixis notifies Deerfield that it is drawing the funds. All warrants can be settled in net shares at Deerfield's option.

"Our deal with Deerfield provides a high level of flexibility and uniquely addresses the challenges that pre-commercial biotech companies face in a challenging capital markets environment," said Frank Karbe, chief financial officer of Exelixis. "Most notably, it provides guaranteed access to capital and a high degree of control as to when and to what degree we draw and repay funds, thereby substantially increasing our ability to manage our cost of capital and minimize dilution."

Conference Call and Webcast

Exelixis management will discuss the Deerfield arrangement during a conference call beginning at 5:00 a.m. PT/8:00 a.m. ET Thursday, June 5. To listen to a webcast of the discussion, visit the Event Calendar page under Investors at http://www.exelixis.com. An archive of the webcast will be available until 7:00 a.m. PT/10:00 a.m. ET on July 5, 2008. Access numbers for this replay are 1-888-286-8010 (domestic) and 1-617-801-6888 (international); the replay passcode number is 33494166.

About Exelixis

Exelixis, Inc. is a development-stage biotechnology company dedicated to the discovery and development of novel small molecule therapeutics for the treatment of cancer and other serious diseases. The company is leveraging its fully integrated drug discovery platform to fuel the growth of its development pipeline, which is primarily focused on cancer. Currently, Exelixis' broad product pipeline includes investigational compounds in phase 2 and phase 1 clinical development. Exelixis has established strategic corporate alliances with major pharmaceutical and biotechnology companies, including GlaxoSmit
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SOURCE Exelixis, Inc.
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