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InterMune Reports Second Quarter 2008 Financial Results and Business Highlights

of its $170 million of

outstanding convertible notes with certain existing debt holders.

As a result, the amount of outstanding convertible notes is

unchanged, but now consists of two tranches: $85 million of 0.25%

convertible notes due 2011 and $85 million of 5.00% convertible

notes due 2015.

-- Holders of the 2011 notes may convert those notes at a conversion

price of approximately $21.63 per share. Holders of the 2015 notes

may convert their notes into shares of InterMune common stock at a

conversion price of approximately $18.88 per share, which is subject

to decrease in certain circumstances.

-- The debt restructuring effectively extended the maturity date of $85

million of InterMune's total $170 million of outstanding convertible

notes by four years with relatively modest dilution.

For additional information regarding InterMune's debt exchange, please refer to InterMune's Reports on Form 8-K filed on June 10, 2008 and June 24, 2008.

Guidance for 2008 Operating Expenses

InterMune today reiterated its guidance with respect to operating expenses in 2008.

For the year ending December 31, 2008, R&D expense is anticipated to be in a range of approximately $100 to $110 million, net of development cost reimbursements under the Roche collaboration. G&A expense is anticipated to be in a range of approximately $25 to $30 million.

Key Development Program Milestones - Next Six Months

InterMune today noted the upcoming milestones expected during the next six months on its key development programs.

CAPACITY Program in IPF:

-- InterMune expects to announce top-line results of its Phase 3

CAPACITY program in IPF in January of 2009.

-- If Shionogi's jNDA is approved, Shionogi has announced that it would

launch pirfenidone in Japan i

SOURCE InterMune, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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