SuperGen Reports 2008 Second Quarter Financi...( Quarterly Dacogen Royalty Revenue Inc...)

Quarterly Dacogen Royalty Revenue Increases 76% from Same Prior Year Period

DUBLIN, Calif., Aug. 4 /PRNewswire-FirstCall/ -- SuperGen, Inc. (Nasdaq: SUPG), a pharmaceutical company dedicated to the discovery, rapid development and commercialization of therapies for solid tumors and hematological malignancies, today announced financial results for the second quarter and six months ended June 30, 2008.

Total revenues for the 2008 second quarter were $8.1 million, compared with $4.6 million for the same prior year period. Total revenues for the 2008 second quarter and same prior year period consisted entirely of royalty revenue. Royalty revenue is earned pursuant to the license agreement entered into with MGI PHARMA (acquired by Eisai Co., Ltd. in January 2008) during 2004, which granted MGI PHARMA exclusive rights to the development, manufacture, commercialization and distribution of Dacogen(R) (decitabine) for Injection. The Company recognizes royalty revenue on a cash basis when it is received.

Excluding gain on sale of products, total costs and operating expenses for the 2008 second quarter were $11.0 million, compared with $19.6 million for the same prior year period. The primary reason for the decrease in total costs and operating expenses for the 2008 second quarter were lower acquired in-process research and development costs, a reduction in general corporate expenses and lower stock-based compensation expense offset in part by higher research and development costs related to increased product development activities including ongoing clinical operations and accrual of estimated severance costs in the amount of $322,000 related to the anticipated closure of our European operation later this year. Closure of the Europe
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