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Indevus Pharmaceuticals Announces Third Quarter Fiscal 2008 Financial Results
Date:8/5/2008

LEXINGTON, Mass., Aug. 5 /PRNewswire-FirstCall/ -- Indevus Pharmaceuticals, Inc. (Nasdaq: IDEV) today announced its consolidated results of operations for the third quarter ended June 30, 2008. The Company will host a conference call and webcast today beginning at 9:00 am eastern time (details follow below).

The Company reported revenues of $20.4 million and a consolidated net loss of $19.0 million or $0.25 per share for the quarter ended June 30, 2008. This compares to revenues of $12.2 million and a consolidated net loss of $72.3 million or $1.02 per share for the quarter ended June 30, 2007. During the quarter ended June 30, 2008, the Company reported a restructuring charge of approximately $3.5 million. During the quarter ended June 30, 2007, the Company incurred one time charges of $53.3 million related to the acquisition of Valera Pharmaceuticals which was completed on April 18, 2007.

For the nine months ended June 30, 2008, the Company reported revenues of $54.5 million and a consolidated net loss of $51.6 million or $0.67 per share compared to revenues of $36.6 million and a consolidated net loss of $95.1 million or $1.56 per share for the nine months ended June 30, 2007.

At June 30, 2008, the Company had consolidated cash and cash equivalents totaling approximately $52.6 million.

"This has been a very active and eventful quarter for the Company," said Glenn L. Cooper, chairman and chief executive officer of Indevus. "Obviously, we are very disappointed in the FDA's decision to issue an approvable letter for NEBIDO(R). This certainly was not the decision we were expecting. We stand by the safety and efficacy of NEBIDO, which is the market leader in many countries around the world for testosterone therap
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SOURCE Indevus Pharmaceuticals, Inc.
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