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EXHIBIT 99.1
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11755 Wilshire Blvd., 20th Floor Los Angeles, CA 90025 |
News Release
ABRAXIS BIOSCIENCE REPORTS 2009 THIRD QUARTER
FINANCIAL RESULTS
Third Quarter Highlights:
| Sales of ABRAXANE® Grows to $83 Million, Representing a 10 Percent Sequential Quarterly Increase |
| The Independent Data Monitoring Committee For the ABRAXANE Non-Small Cell Lung Cancer Phase lll Clinical Trial has Recommended the Trial Proceed to Completion without Changes to the Sample Size |
| The FDA has Granted ABRAXANE Orphan Drug Status For the Treatment of Pancreatic Cancer and Stage IIb-IV Melanoma |
| Pivotal Phase lll Clinical Trials in Non-Small Cell Lung Cancer, Pancreatic Cancer and Melanoma Continue to Move Forward |
LOS ANGELES, Calif. November 5, 2009 Abraxis BioScience, Inc. (NASDAQ: ABII), a fully integrated biotechnology company, today reported unaudited financial results for the third quarter ending September 30, 2009.
As of January 2, 2009, the company re-acquired the exclusive rights to market ABRAXANE® for Injectable Suspension (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 third quarter of 2009 was $96.6 million compared with $93.4 million for the third quarter of 2008. ABRAXANE revenue for the third quarter of 2009 was $82.9 million compared with $92.0 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 remained steady at $82.9 million for both the third quarter of 2009 and 2008. Other revenue for the third quarter of
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Abraxis Bioscience, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2009 10-K Annual Report includes:
CIK: 1409012
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-09-228040
Submitted to the SEC: Fri Nov 06 2009 9:56:59 PM EST
Accepted by the SEC: Mon Nov 09 2009
Period: Wednesday, September 30, 2009
Industry: Pharmaceutical Preparations