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Abraxis Bioscience Inc. ABII 
Nasdaq

Abraxis BioScience is a fully integrated global biotechnology company dedicated to the discovery, development and delivery of next-generation therapeutics and core technologies that offer patients safer and more effective treatments for cancer and other critical illnesses. The company's portfolio includes the world's first and only protein-bound nanoparticle chemotherapeutic compound (ABRAXANE), which is based on the company's proprietary tumor targeting technology known as the nab(TM) platform. The first FDA approved product to use this nab(TM) platform, ABRAXANE, was launched in 2005 for the treatment of metastatic breast cancer. Abraxis trades on the NASDAQ Global Market under the symbol ABII.

http://www.abraxisbio.com/



Abraxis BioScience Reports Financial Results for the Second Quarter of 2008
LOS ANGELES--(BUSINESS WIRE)--Aug. 13, 2008--Abraxis BioScience, Inc. (NASDAQ: ABII), a fully integrated biotechnology company, today reported unaudited financial results for the second quarter ended June 30, 2008.

Net revenue for the second quarter of 2008 was $77.6 million, compared with $83.2 million for the prior year period. Revenue from sales of ABRAXANE(R) (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) was $73.8 million for the second quarter of 2008, compared with $78.7 million for the same period in 2007. Revenue for the most recent quarter was impacted by a delay of product orders that had been anticipated for the period. Net revenue for the second quarter of 2008 included recognized deferred revenue of $10.2 million relating to the co-promotion agreement with AstraZeneca and the license agreements with Taiho of Japan and Green Cross of South Korea, compared with $9.8 million of recognized deferred revenue for the same quarter last year.

According to recent IntrinsiQ data regarding total ABRAXANE usage in June 2008, 1st and 2nd line share of all ABRAXANE patient usage reached an all time high of 54 percent. This has increased 23 percent from 31 percent of total patient usage of ABRAXANE in the 1st and 2nd line settings in January 2006. In the 3rd line+ taxane setting of the metastatic breast cancer market, ABRAXANE remained the leader, holding 54 percent of the market in this setting in June 2008. In 2nd line metastatic breast cancer, ABRAXANE share of the taxane market maintained its all time high of 37 percent in June 2008. ABRAXANE share of the taxane market in 1st line metastatic breast cancer represented 19 percent of the market in June 2008. Finally, ABRAXANE share of the taxane market in all metastatic breast cancer settings was 33 percent in June 2008.

Usage of ABRAXANE in combination with Avastin in metastatic breast cancer continues to increase, representing 39 percent of all ABRAXANE usage in June 2008, compared with 8.3 percent in January 2006. ABRAXANE in combination with Avastin, the #1 regimen used, represented 18 percent of the 2nd line total taxane market and had a share greater than any monotherapy.

According to IMS, monthly unit demand for ABRAXANE has increased for two consecutive quarters. ABRAXANE demand volume for the quarter ended June 30, 2008 reflected 4% growth over the prior quarter and represented the largest historical demand total for a quarter.
 

 


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