Millennium Over-Delivers on 2007 Goals and Financia...(als in late 2008/early 2009. ...)

late 2008/early 2009.

-- Protein homeostasis oncology program

-- MLN4924 (novel Nedd8-activating enzyme inhibitor) -- An

investigational new drug (IND) application for MLN4924 was

accepted by the FDA in January 2008 for this small molecule

inhibitor of the novel Millennium discovered target. The Company

expects this molecule will enter Phase I clinical trials in the

first half of 2008. MLN4924 acts by inhibiting Cullin-based

ligases, which are enzymes involved in the regulation of cancer

cell growth and survival. Pre-clinical data showed MLN4924

significantly inhibited tumor growth in xenograft models of

colorectal cancer and several lymphomas.

-- MLN2238 (novel proteasome inhibitor) -- The Company advanced

MLN2238, a wholly-owned second generation proteasome inhibitor, to

the development pipeline. In pre-clinical models, MLN2238 showed

superior efficacy compared to VELCADE with potential in a broader

set of hematological and solid tumors. This molecule is expected

to move forward in both oral and IV routes of administration.

Phase I trials are expected to start in early 2009.

-- The Company and Harvard Medical School announced a collaborative

agreement to conduct research in the area of protein homeostasis,

an emerging field of cancer biology.

2008 Financial Guidance

On January 4, 2008, the Company announced its financial guidance for 2008, as follows:

-- VELCADE U.S. net sales are expected to increase 20 to 30 percent to

$320 million to $345 million;

-- Royalties are expected to be in the range of $175 million to

$185 million;

-- Non-GAAP R&D and non-GAAP SG&A expenses are expected to total

approxima
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