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SuperGen Reports 2007 Fourth Quarter and Annual Financial Results
Date:3/3/2008

the sale of products to Mayne Pharma. There were no similar milestone payments for the same prior year period.

The Company reported net income for the 2007 fourth quarter of $5.1 million, or $0.09 per fully diluted share, compared with a net loss of $6.3 million, or $0.11 per fully diluted share, for the same prior year period. Included in net income for the 2007 fourth quarter is the gain on sale of products for additional milestone payments earned of $6.0 million, a non-cash charge of $1.1 million for stock-based compensation expense and an income tax provision of $175,000 resulting primarily from the tax impact of recognizing various milestone payments received from the sale of products to Mayne Pharma. Included in the 2006 fourth quarter net loss is a non-cash gain for a change in valuation of derivatives of $490,000. There was no similar non-cash gain during the 2007 fourth quarter because the related derivatives expired at the end of 2006.

2007 Year-End Financial Results

Total revenues for 2007 were $23.0 million, compared with $38.1 million for the same prior year period. Royalty revenue for 2007 was $22.3 million, compared with $3.4 million for the same prior year period. Royalty revenue is earned pursuant to the license agreement previously entered into with MGI PHARMA. The Company recognizes royalty revenue on a cash basis when it is received. Total revenues for 2006 included $25.1 million of primarily milestone payments included in development and license revenue pursuant to the license agreement with MGI PHARMA. There was no similar development and license revenue for 2007. Net product revenue for 2007 was $621,000, compared to $9.6 million for the same prior year period. The reduction in net product revenue for 2007 was primarily due to the sale of the Company's worldwide rights for Nipent and Surface Safe to Mayne Pharma.

Excluding the gain on sale of products, total costs and operating expenses for 2007 were $47.1 million,
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SOURCE SuperGen Inc.
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