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

based on the current operating plan.

Alan Kessman, Chief Executive Officer, commented, "We continue to make progress on a New Drug Application for Cloretazine(R) (VNP40101M) based on our two Phase II trials in elderly patients with acute myelogenous leukemia (AML). We intend to file this NDA in the first half of 2009."

In the quarter the Company exercised its right to appeal a delisting determination to a Nasdaq Listings Qualification Panel and presented a plan for compliance with listing requirements. The Company was notified that the plan was accepted and that it had until August 15, 2008 to implement the plan. The Company has contacted Nasdaq to indicate that it is unlikely that its plan will be implemented by August 15, 2008. Therefore, the Company expects that in the near future it will no longer be listed on the Nasdaq Capital Market and that its common stock will be quoted on the OTC Bulletin Board.

On February 20, 2008, the Company implemented a one-for-ten reverse split of all outstanding shares of its common stock and a corresponding decrease in the number of shares of authorized common stock. Share and per share amounts contained herein are provided on a post-split basis.

Second Quarter Conference Call

The Company announced that it would hold a conference call on Thursday, August 7, 2008 to discuss its 2008 second quarter financial results. The call will begin at 8:30 a.m. Eastern Time.

To participate in the conference call, please dial (800) 591-6930 in the U.S. ((617) 614-4908 for international callers) at least 15 minutes before the start of the call. When prompted for a pass code, please enter 25790591.

An audio webcast of the call will be accessible at http://www.vionpharm.com. Those who wish to listen to the conference call on the Web should visit the Investor Relations section of the Company's website at least 15 minutes prior to the event broadcas
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SOURCE Vion Pharmaceuticals, Inc.
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