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Vion Pharmaceuticals Reports 2009 Third Quarter and Nine-Month Results
Date:11/10/2009

NEW HAVEN, Conn., Nov. 10 /PRNewswire-FirstCall/ -- VION PHARMACEUTICALS, INC. (OTC Bulletin Board: VION) today announced financial results for the three-month and nine-month periods ending September 30, 2009.

For the third quarter of 2009, the Company reported a net loss of $6.2 million, or $0.78 per share, compared with a net loss of $6.8 million, or $0.92 per share, for the same 2008 period. Weighted-average common shares outstanding for the three-month periods ended September 30, 2009 and 2008 were 8.0 million and 7.4 million, respectively.

For the nine-month period, the net loss was $17.1 million, or $2.15 per share, compared with a net loss of $22.9 million, or $3.12 per share, for the same 2008 period. Weighted-average common shares outstanding for the nine-month periods ended September 30, 2009 and 2008 were 8.0 million and 7.4 million, respectively.

In the quarter, the Oncologic Drugs Advisory Committee (ODAC), which is the cancer drug advisory panel of the U.S. Food and Drug Administration (FDA), voted in favor of requiring Vion to complete a randomized study defining the efficacy and safety of the Company's lead oncology therapeutic Onrigin(TM) (laromustine) Injection prior to receiving regulatory approval from the FDA. Vion currently does not have the funds to conduct such a randomized trial.

On October 12, 2009, the Company announced it had hired the investment banking firm Merriman Curhan Ford & Co. to assist in evaluating its strategic alternatives. These alternatives include any combination of a restructuring of the Company and its debt and a sale of the Company or its assets. The Company may also consider financing options. The Company expects its strategic review to be completed in the fourth quarter of 2009. The outcome of the Company's strategic review will determine whether the Company continues operations or whether it curtails or ceases operations, liquidates its assets and/o
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SOURCE Vion Pharmaceuticals, Inc.
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