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Exelixis Announces First Quarter 2008 Financial Results
Date:5/6/2008

SOUTH SAN FRANCISCO, Calif., May 6 /PRNewswire-FirstCall/ -- Exelixis, Inc. (Nasdaq: EXEL) today reported financial results for the first quarter ended March 31, 2008.

Revenues for the quarter ended March 31, 2008 were $27.9 million, compared to $28.1 million for the comparable period in 2007. Revenues for 2008 were generally consistent with 2007, but reflect the completion of revenue recognition associated with our collaboration with Daiichi Sankyo Company Limited for our Mineralocorticoid Receptor (MR) program and the exclusion of revenue of our former subsidiary Artemis Pharmaceuticals GmbH, which is no longer consolidated as a result of the sale of 80.1% of our ownership in 2007. These items were offset by the revenue recognition associated with our collaborations with Bristol-Myers Squibb Company for various oncology programs and with Genentech, Inc. for the co-development of our MEK inhibitor XL518.

Research and development expenses for the quarter ended March 31, 2008 were $66.0 million, compared to $50.2 million for the comparable period in 2007. The increase from 2007 to 2008 primarily reflects the increased development expenses associated with the continued advancement and expansion of our clinical trial activity.

General and administrative expenses for the quarter ended March 31, 2008 were $8.7 million, compared to $11.2 million for the comparable period in 2007. The decrease from 2007 to 2008 was primarily due to the allocation of general corporate costs (such as facilities costs) to research and development, which primarily reflects the growth of the research and development function compared to the general and administrative function.

Net loss for the quarter ended March 31, 2008 was $41.3 million
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SOURCE Exelixis, Inc.
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