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Vion Reports 2008 Third Quarter and Nine-Month Results
Date:11/3/2008

Quarterly Conference Call to be Held on Thursday November 6 at 8:30 a.m.

NEW HAVEN, Conn., Nov. 3 /PRNewswire-FirstCall/ -- VION PHARMACEUTICALS, INC. (OTC Bulletin Board: VION) today announced financial results for the three-month and nine-month periods ended September 30, 2008.

The Company reported a net loss of $6.8 million, or $0.92 per share, for the three-month period ended September 30, 2008, compared to a net loss of $9.0 million, or $1.33 per share, for the same period in 2007. Weighted-average common shares outstanding for the three months ended September 30, 2008 and 2007 were 7.4 million and 6.8 million, respectively.

Operating expenses were reduced by $3.0 million from $8.6 million in the third quarter of 2007 to $5.6 million in the comparable quarter in 2008. Interest expense for the three months ended September 30, 2008 and 2007 was $1.5 million and $1.4 million, respectively. Interest income for the three months ended September 30, 2008 and 2007 was $224,000 and $938,000, respectively.

For the nine-month period ended September 30, 2008, the net loss was $22.9 million, or $3.12 per share, compared to a net loss of $25.8 million, or $3.87 per share, for the same period in 2007. Weighted-average common shares outstanding for the nine months ended September 30, 2008 and 2007 were 7.4 million and 6.7 million, respectively.

Operating expenses were reduced by $5.7 million, from $25.1 million for the nine-month period in 2007, to $19.4 million in the comparable period in 2008. Interest expense related to the Company's Convertible Senior Notes issued in February 2007 increased by $887,000 over the prior year. Interest income for the first nine months of 2008 decreased by $1.6 million over the comparable 2007 period.

The Company reported ending the quarter with $42.8 million in cash and cash equivalents, sufficient to fund its operations through the fourth quarter of 2009 based on the current operating pla
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SOURCE Vion Pharmaceuticals, Inc.
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