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Vion Reports 2008 Second Quarter and Six-Month Results
Date:8/4/2008

Quarterly Conference Call to be Held Thursday August 7 at 8:30 a.m.

NEW HAVEN, Conn., Aug. 4 /PRNewswire-FirstCall/ -- VION PHARMACEUTICALS, INC. (Nasdaq: VION) today announced financial results for the three-month and six-month periods ended June 30, 2008.

The Company reported a net loss of $7.9 million, or $1.06 per share, for the three-month period ended June 30, 2008, compared to a net loss of $8.8 million, or $1.33 per share, for the same period in 2007. Weighted-average common shares outstanding for the three months ended June 30, 2008 and 2007 were 7.4 million and 6.6 million, respectively.

Operating expenses were reduced by $1.9 million from $8.6 million in the 2007 second quarter to $6.7 million in the comparable quarter in 2008. Interest income for the three months ended June 30, 2008 and 2007 was $265,000 and $998,000, respectively.

For the six-month period ended June 30, 2008, the net loss was $16.1 million, or $2.20 per share, compared to a net loss of $16.8 million, or $2.53 per share, for the same period in 2007. Weighted-average common shares outstanding for the six months ended June 30, 2008 and 2007 were 7.3 million and 6.6 million, respectively.

Operating expenses were reduced by $2.6 million, from $16.5 million for the six-month period in 2007, to $13.9 million in the comparable period in 2008. Interest expense increased by $789,000 over the prior year related to the Company's Convertible Senior Notes issued in February 2007. Interest income for the first half of 2008 decreased by $898,000 over the comparable 2007 period.

The Company reported ending the quarter with $49.9 million in cash and cash equivalents, sufficient to fund its operations through the fourth quarter of 2009
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SOURCE Vion Pharmaceuticals, Inc.
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