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Option to Develop Exelixis Compound Exercised By Genentech
Date:3/14/2008

SOUTH SAN FRANCISCO, Calif., March 14 /PRNewswire-FirstCall/ -- Exelixis, Inc. (Nasdaq: EXEL) today announced that Genentech, Inc. has exercised its option to further develop and commercialize Exelixis' compound XL518, a selective and potent inhibitor of MEK, which is currently in a phase 1 clinical trial. Under the terms of the collaboration agreement between the parties, Exelixis will continue to be responsible for the phase 1 clinical trial until the point that a maximum tolerated dose (MTD) is determined. After MTD is achieved, Genentech will be responsible for completing the phase 1 clinical trial and subsequent clinical development.

"MEK inhibition is an exciting approach to cancer therapy. The MAP kinase pathway, of which MEK is a member, is one of the most frequently dysregulated pathways in human tumors. Activating mutations of the pathway have been identified in many tumor types, including melanomas, thyroid carcinomas, non-small cell lung cancer and colon cancer. Pathway inhibitors are likely to find broad utility as both single agents and in combination with other targeted agents and chemotherapeutics," said George A. Scangos, PhD, president and chief executive officer of Exelixis. "I am pleased that Genentech shares our interest in the target and the compound. We believe the opt-in by Genentech is recognition of the potential of XL518 and MEK inhibition in the treatment of various tumor types," continued Dr. Scangos.

Under the terms of the collaboration agreement between Exelixis and Genentech, Exelixis received upfront and milestone payments totaling $40.0 million at the time the agreement was signed in January 2007. Selection of the compound and opt-in by Genentech trigger a payment of $3.0 million. Another $7
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