Cougar Biotechnology, Inc. (NASDAQ: CGRB), a biotechnology company
engaged in the in-license and development of clinical stage cancer
drug candidates, today reported its financial results for the three
and nine months ended September 30, 2008. For the quarter ended
September 30, 2008, Cougar reported a net loss applicable to common
stock of $16.3 million, or $0.79 per share, compared to a net loss
applicable to common stock of $7.9 million, or $0.45 per share, for
the quarter ended September 30, 2007. Net loss for the nine months
ended September 30, 2008 was $38.3 million, or $1.86 per share,
compared to a net loss of $24.6 million, or $1.77 per share, for
the nine months ended September 30, 2007. Total operating expenses
for the third quarter of 2008 were $17.0 million, an increase of
$8.2 million compared to the third quarter of 2007. Total operating
expenses for the nine months ended September 30, 2008 were $41.1
million, compared to $25.6 million for the corresponding period of
2007, an increase of $15.5 million. Research and development
expenses for the third quarter of 2008 were $14.1 million, compared
to $7.3 million for the third quarter of 2007. Total research and
development expenses for the nine months ended September 30, 2008
were $34.5 million, compared to $20.6 million for the first nine
months of 2007. The increase in research and development expenses
in the third quarter of 2008 resulted primarily from an increase in
costs associated with Cougar�s ongoing Phase III clinical trial of
CB7630 in advanced prostate cancer, which was initiated in April
2008. General and administrative expenses for the third quarter of
2008 were $2.9 million, compared to $1.5 million for the third
quarter of 2007. Total general and administrative expenses for the
nine months ended September 30, 2008 were $6.5 million, compared to
$5.0 million in the corresponding period of 2007. Net cash used in
operating activities for the first nine months of 2008 was $29.3
million, compared to $14.9 million for the first nine months of
2007. Net cash used in operating activities for the quarter ended
September 30, 2008 was $10.6 million compared to $5.1 million in
the corresponding period of 2007. The increased use of cash for
both the quarter and year to date is primarily a result of expenses
related to both our ongoing Phase III clinical trial of CB7630 in
prostate cancer patients who have failed docetaxel-based
chemotherapy and our anticipated Phase III trial in patients with
castration-resistant, chemotherapy-na�ve prostate cancer. As of
September 30, 2008, cash, cash equivalents and investment
securities available-for-sale totaled $106.2 million, compared to
$61.7 million as of September 30, 2007. The increase from the
September 30, 2007 balance reflects proceeds from the December 2007
private placement of Cougar common stock, which resulted in net
proceeds of approximately $81.7 million. "During 2008, we have
continued to demonstrate the strong potential of our lead drug
candidate CB7630, abiraterone acetate, in treating patients with
advanced prostate cancer," said Alan H. Auerbach, Chief Executive
Officer and President. �We are extremely proud of our interim Phase
I and Phase II clinical trial results to date and we are pleased
with the pace of enrollment in our Phase III trial in patients who
have failed docetaxel-based chemotherapy. �We look forward to
continuing to advance the clinical development of CB7630 during the
fourth quarter of 2008 and, more specifically, we anticipate the
initiation of our second Phase III trial in patients with
castration-resistant, chemotherapy-na�ve prostate cancer, as well
as the initiation of our Phase I/II trial of CB7630 in breast
cancer," added Mr. Auerbach. About Cougar Biotechnology Cougar
Biotechnology, Inc. is a Los Angeles-based biotechnology company
established to in-license and develop clinical stage drugs, with a
specific focus on the field of oncology. Cougar�s oncology
portfolio includes CB7630, a targeted inhibitor of the
17alpha-hydroxylase/c17,20 lyase enzyme, which is currently being
tested in Phase III clinical trials in prostate cancer; CB3304, an
inhibitor of microtubule dynamics, which is currently in a Phase I
trial in multiple myeloma; and CB1089, an analog of vitamin D,
which has been clinically tested in a number of solid tumor types.
Further information about Cougar Biotechnology can be found at
www.cougarbiotechnology.com. This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
often, but not always, made through the use of words or phrases
such as ``anticipates,'' ``expects,'' ``plans,'' ``believes,''
``intends,'' and similar words or phrases. These forward-looking
statements include, without limitation, statements related to the
timing, progress and anticipated results of the clinical
development, regulatory processes and the benefits to be derived
from Cougar�s drug development programs, including the potential
advantages of CB7630 and its potential for use in the treatment of
castration resistant prostate cancer and in second-line hormone and
chemotherapy-na�ve treatment settings. Such statements involve
risks and uncertainties that could cause Cougar�s actual results to
differ materially from the anticipated results and expectations
expressed in these forward-looking statements. These statements are
only predictions based on current information and expectations and
involve a number of risks and uncertainties. Actual events or
results may differ materially from those projected in any of such
statements due to various factors, including the risks and
uncertainties inherent in clinical trials, and drug development and
commercialization, including the uncertainty of whether results of
prior clinical trials of CB7630 will be predictive of results of
later stage clinical trials, including COU-AA-301. For a discussion
of these and other factors, please refer to Cougar�s annual report
on Form 10-KSB for the year ended December 31, 2007, as well as
other subsequent filings with the Securities and Exchange
Commission. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
This caution is made under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. All
forward-looking statements are qualified in their entirety by this
cautionary statement and Cougar undertakes no obligation to revise
or update this press release to reflect events or circumstances
after the date hereof. � COUGAR BIOTECHNOLOGY, INC. (A DEVELOPMENT
STAGE COMPANY) CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS (Unaudited) � � � � � Period from May 14, 2003 (date of Three
Months Ended Nine Months Ended inception) to September 30,
September 30, September 30, � 2008 � � 2007 � � 2008 � � 2007 � �
2008 � � Operating expenses: General and administrative $ 2,858,645
$ 1,455,552 $ 6,534,671 $ 4,961,580 $ 20,134,279 Research and
development 14,094,874 7,299,899 34,456,722 20,566,014 76,630,422
Depreciation � 63,982 � � 17,938 � � 175,262 � � 48,591 � � 292,504
� Totals � 17,017,501 � � 8,773,389 � � 41,166,655 � � 25,576,185 �
� 97,057,205 � � Loss from operations � (17,017,501 ) � (8,773,389
) � (41,166,655 ) � (25,576,185 ) � (97,057,205 ) � Other income
(expenses): Interest income 639,064 843,171 2,754,408 1,901,628
6,811,525 Interest expense - - - - (1,311,895 ) Other income
(expense) � 40,054 � � - � � 63,760 � � (486,342 ) � (1,859,809 ) �
Totals � 679,118 � � 843,171 � � 2,818,168 � � 1,415,286 � �
3,639,821 � � Net loss (16,338,383 ) (7,930,218 ) (38,348,487 )
(24,160,899 ) (93,417,384 ) � Accretion of dividends on preferred
stock - - - (309,863 ) (1,583,496 ) Accretion of issuance costs on
preferred stock � - � � - � � - � � (80,980 ) � (445,393 ) Net loss
applicable to common stock $ (16,338,383 ) $ (7,930,218 ) $
(38,348,487 ) $ (24,551,742 ) $ (95,446,273 ) � Net loss per common
share - basic and diluted $ (0.79 ) $ (0.45 ) $ (1.86 ) $ (1.77 )
Weighted-average common shares outstanding - basic and diluted �
20,681,085 � � 17,486,470 � � 20,601,769 � � 13,881,092 � �
Comprehensive loss, net of tax: Net loss $ (16,338,383 ) $
(7,930,218 ) $ (38,348,487 ) $ (24,160,899 ) $ (93,417,384 )
Unrealized loss � (201,396 ) � - � � (201,396 ) � - � � (201,396 )
Comprehensive loss $ (16,539,779 ) $ (7,930,218 ) $ (38,549,883 ) $
(24,160,899 ) $ (93,618,780 ) � COUGAR BIOTECHNOLOGY, INC. (A
DEVELOPMENT STAGE COMPANY) BALANCE SHEET DATA � � � � � � September
30, December 31, � 2008 � 2007 Current assets: Cash and cash
equivalents $ 63,897,315 $ 96,335,893 Short-term investment
securities, at fair value 42,277,562 39,001,651 Total assets
110,143,122 138,306,549 Total liabilities 9,340,475 3,627,691 Total
stockholders� equity 100,802,647 134,678,858
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