Indevus Receives Approvable Letter from FDA for...(t but necessary decision toreduce the op...)

Date:6/30/2008

t but necessary decision to reduce the operating expenses and cash burn of the Company and intend to be vigilant in managing expenses through this difficult period. Under our revised plan, in fiscal 2009 we expect that our operating cash burn will fall to approximately $10 million per quarter on total revenues for the year of approximately $88 to $95 million. This is a significant improvement compared to our recent average operating cash burn of approximately $18 to $20 million per quarter and our expected revenues for fiscal 2008 of approximately $70 million. Our current revised plan does not give effect to additional NEBIDO studies as their size, duration and expense are not yet final. In conjunction with implementation of this revised operating plan, the Company anticipates recording an aggregate restructuring charge of approximately $3 to $4 million in the third fiscal quarter.

"While the NEBIDO delay is unfortunate, the Company remains strong and is committed to the patients and physicians who use and prescribe our products for urological and endocrine disorders. We are highly focused on driving revenue growth for our marketed products SANCTURA XR, VANTAS and SUPPRELIN LA and our organization is also preparing to launch VALSTAR, another important urology product, subject to FDA approval. In addition to NEBIDO, we are focused on our octreotide implant, a high-value Phase 3 product which we believe can reach the market, assuming approval, by the end of 2010. Also, we are actively exploring the acquisition of late-stage or marketed products which can further leverage our experienced urology and endocrinology field sales force.

"The Company is also moving forward to strengthen its balance sheet," continued Dr. Cooper. "In addition to potential out-licensing transactions for the Company's partnerable products, we are also exploring opportunities for the monetization of the royalties we receive from sales of SANCTURA and SANCTURA XR. Our financial goals
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SOURCE Indevus Pharmaceuticals, Inc. Copyright©2008 PR Newswire. All rights reserved

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