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Vion Reports 2007 Third Quarter and Nine-Month Results
Date:11/7/2007

Company Updates Status of Cloretazine(R) (VNP40101M) Clinical Trials in AML

NEW HAVEN, Conn., Nov. 7 /PRNewswire-FirstCall/ -- VION PHARMACEUTICALS, INC. (Nasdaq Capital Market: VION) today announced results for the three-month and nine-month periods ended September 30, 2007.

The Company reported a net loss of $9.0 million, or $0.13 per share, for the three-month period ended September 30, 2007, compared to a net loss of $6.3 million, or $0.10 per share, for the same period in 2006. Weighted- average common shares outstanding for the three months ended September 30, 2007 and 2006 were 67.7 million and 66.2 million, respectively.

For the nine-month period ended September 30, 2007, the net loss was $25.8 million, or $0.39 per share, compared to a net loss of $19.2 million, or $0.29 per share, for the same period in 2006. Weighted-average common shares outstanding for the nine months ended September 30, 2007 and 2006 were 66.8 million and 66.2 million, respectively.

Total operating expenses were $8.6 million and $6.8 million for the three months ended September 30, 2007 and 2006, respectively, and $25.1 million and $20.8 million for the nine months ended September 30, 2007 and 2006, respectively.

In the quarter, the increase in operating expenses was due to higher total research and development expenses resulting from: (i) late-stage clinical development of Cloretazine(R) (VNP40101M), including additional personnel, drug production costs and other costs in support of a potential registration filing and (ii) stock-based compensation expense. In addition, marketing, general and administrative expenses were higher than the prior year quarter, primarily due to increased medical advisory board meetings and stock-based compensation expense.

In the nine-month period, the increase in operating expenses was due to higher total research and development expenses resulting from: (i) late-stage clinical development of Cloretazine(R) (VNP40101
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SOURCE Vion Pharmaceuticals, Inc.
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