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Exelixis Submits XL139 Diligence Report to Bristol-Myers Squibb
Date:12/20/2007

- First IND Candidate Advances for Potential Co-Development Opportunity in

Oncology Collaboration -

SOUTH SAN FRANCISCO, Calif., Dec. 20 /PRNewswire-FirstCall/ -- Exelixis, Inc. (Nasdaq: EXEL) today announced that it has submitted a comprehensive data report for IND candidate XL139 to Bristol-Myers Squibb (NYSE: BMY). Bristol- Myers Squibb Company now has until the end of January to review the data package and determine if it will select the compound for further development and commercialization as part of its worldwide collaboration agreement with Exelixis to discover, develop and commercialize novel targeted therapies for the treatment of cancer.

XL139 is a small molecule inhibitor of the hedgehog signaling pathway. Hedgehog plays a critical role in regulating cell growth, proliferation and differentiation in normal development. The pathway is deregulated in basal cell carcinoma, medulloblastoma, glioblastoma, multiple myeloma and pancreatic and a variety of other cancers. Inappropriate activation of hedgehog can result from activating mutations, loss of repressors or overexpression of factors that stimulate the pathway. Signaling through hedgehog also has been shown to stimulate production of angiogenic and survival factors, both in tumor cells and in the surrounding stromal tissue. In addition, recent data suggest that hedgehog signaling may play a key role in cancer stem cell (CSC) proliferation and the resistance of CSCs to chemotherapeutics and radiotherapy.

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