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SuperGen Reports 2008 Second Quarter Financial Results

stigational New Drug (IND) application with the Food and Drug Administration (FDA) of a second drug emanating from the acquired technology.

-- Additional receipts related to the sale of products to be paid by Mayne Pharma are anticipated during 2008 in a range from $1.6 million to $2.6 million. These payments will be classified as gain on sale of products.

-- Included in total operating expenses for 2008 is a reduced amount from previous guidance for non-cash stock-based compensation expense estimated at $3.5 million annually.

-- Based on the revised 2008 financial guidance loss from operations is estimated in a range from $16.6 million to $18.6 million.

-- Revised weighted average shares outstanding for 2008 are estimated at 58.1 million common shares.

Recent Corporate Events:

-- April 2008: The Company had multiple abstracts accepted for oral and

poster presentation at the American Association of Cancer Research

(AACR) Annual Meeting, that took place April 12-16 in San Diego,

California. Highlights of the presentations are included below:

-- SGI-1776, our lead pre-clinical PIM kinase inhibitor, was found to

cause tumor regression in acute myelogenous leukemia (AML) xenograft

models (Abstract No. 4974). In an oral presentation entitled, "A

potent small molecule PIM kinase inhibitor with activity in cell

lines from hematological and solid malignancies," Dr. Steven Warner,

SuperGen's Manager, Discovery Biology, detailed how scientists used

the Company's CLIMB(TM) technology to build a model that allowed for

the creation of small molecule PIM kinase inhibitors. SGI-1776 was

identified as a potent and selective inhibitor of the PIM kinases,

inducing apoptosis and cell cycle arrest, thereby causing a

reduction in phospho-BAD levels and enhancement of mTOR inhibit

SOURCE SuperGen, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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