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Pharmion Corporation Announces 2007 Operating Results
Date:2/19/2008

strative expenses totaled $143.2 million for the full year 2007 and $50.0 million for the fourth quarter of 2007. These amounts compare to selling, general and administrative expenses for the full year and fourth quarter of 2006 of $104.9 million and $32.0 million, respectively. As stated above, these full year and fourth quarter 2007 expenses include $8.6 million of expenses associated with the Company's pending acquisition by Celgene. Fourth quarter 2007 selling, general and administrative expenses increased significantly as compared to the first three quarters of 2007. This increase is due primarily to the expansion of the U.S. sales organization completed in the second half of 2007, launch preparation activities in Europe for thalidomide, and market research and medical education activities performed in connection with the release of overall survival data from the Vidaza Phase 3 study for the treatment of higher risk myelodysplastic syndromes patients.

As of December 31, 2007, Pharmion had $248.5 million in cash, cash equivalents and short-term investments, and no outstanding debt. This compares to the $136.2 million Pharmion had in cash, cash equivalents and short-term investments as of December 31, 2006, with the increase reflecting the receipt of $130 million in net proceeds from the Company's equity offering completed in June 2007.

About Pharmion

Pharmion is a leading global oncology company focused on acquiring, developing and commercializing innovative products for the treatment of hematology and oncology patients in the U.S., Europe and additional international markets. Pharmion has a number of products on the market including the world's first approved epigenetic drug, Vidaza(R), a DNA demethylating agent. For additional information about Pharmion, please visit the company's website at http://www.pharmion.com.

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