Abraxis Bioscience, Inc. (1409012) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2009

Exhibit 99.1

ABRAXIS BIOSCIENCE REPORTS 2009 SECOND QUARTER

FINANCIAL RESULTS

Second Quarter Highlights:

LOS ANGELES, Calif. — August 6, 2009 — Abraxis BioScience, Inc. (NASDAQ: ABII), a fully integrated biotechnology company, today reported unaudited financial results for the second quarter ended June 30, 2009.

As of January 2, 2009, the company re-acquired the exclusive rights to market ABRAXANE^® (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) in the U.S. As a result, beginning in 2009, the company no longer recognizes deferred revenue related to the original co-promotion agreement.

Net revenue for the second quarter of 2009 was $85.1 million compared with $77.6 million for the second quarter of 2008. Revenue from sales of ABRAXANE for the second quarter of 2009 was $75.2 million compared with $73.8 million for the same period in 2008, which included recognition of deferred revenue of $9.1 million related to the co-promotion agreement. Excluding the recognition of deferred revenue, total revenue from sales of ABRAXANE for the second quarter of 2009 grew 16 percent to $75.2 million compared with $64.7 million for the same period in 2008. Other revenue for the second quarter of 2009 increased to $10.0 million from $3.8 million in the comparable period last year, primarily due to increased raw material sales.