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Vion Pharmaceuticals Files for Chapter 11 Bankruptcy
Date:12/17/2009

trial of Onrigin(TM) sponsored by the Dutch-Belgian Cooperative Group for Hematology Oncology ("HOVON"). The SPA process provides for an official FDA evaluation of Phase III study protocols. The HOVON Phase III trial, which has accrued over 115 patients to date, combines Onrigin(TM) with standard remission-induction therapy in patients aged 18-65 with previously untreated acute myeloid leukemia ("AML") and high-risk myelodysplasia.

The Company does not have sufficient funds to conduct and complete such a randomized trial and continue its operations, and has not been able to raise additional capital in part because of its substantial debt burden. The Company listed total assets of $19.2 million and total liabilities of $65.0 million as of September 30, 2009. The Company has $60 million outstanding in 7.75% Convertible Senior Notes due 2012.

During the bankruptcy proceedings, Vion will seek to conclude the SPA process and sell or merge the Company and/or its key assets, which include two products in human clinical trials (Onrigin(TM) and Triapine®), and two preclinical-stage products, VNP40541, a hypoxia-selective compound, and TAPET(TM), a drug delivery technology platform. Vion expects that if an asset sale is consummated that it would be liquidated pursuant to a plan of liquidation that would be subject to the approval of the bankruptcy court. In the event of liquidation, whether following an asset sale or otherwise, any recovery for stockholders would be highly unlikely.

Vion has retained the services of Roth Capital Partners, LLC to assist with the sale of the Company and/or its key assets during the Chapter 11 proceeding. The Company has also retained Fulbright & Jaworski L.L.P. and Richards, Layton & Finger, P.A. to serve as its legal advisors in the bankruptcy proceeding.

Additional information about Vion's Chapter 11 case will be posted along with bankruptcy court documents when these become ava
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SOURCE Vion Pharmaceuticals, Inc.
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