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Exelixis' CEO Discusses Q2 2012 Results - Earnings Call Transcript

We believe this year’s ASCO data helps to find the broad clinical potential with cabo as a differentiated oncology drug. The data presented for the MTC pivotal trial exam and the two prostate cancer aspects covering the non-randomized expansion cohorts and a low dose IST for Mass General were well received. We have talked previously about our view that cabo is more is just a prostate cancer drug and more just a bone targeting drug.

Key ASCO data for cabo including renal cancer, liver cancer, non-small cell lung cancer, melanoma and breast cancer help to reinforce this perspective, with encouraging progression-free survival data and in some cases overall survival data, and we’re viewed positively by key oncology investigators, as we potentially differentiated compared to other commonly used agents dose indications.

Collectively, these data showed robust signs of clinical activity that support the expansion of the cabo development program already underway with CTEP. With our singular focus on cabozantinib, we have a clear set of priorities that will support the continued progress of the cabo throughout the second half of 2012, including facilitating the cabo MTC, NDA review, expediting the COMET trials and advancing the cabozantinib IST and CTEP programs. We obviously have a lot on our plate right now and our focus remains solely on driving cabo forward as quickly and as broadly as possible.

Gisela will discuss some of these topics in further detail in a moment, but first, I’ll turn the call over to Frank, who will provide an overview for our second quarter financials. Frank.

Frank Karbe

Thanks, Mike. As usual I will focus my comments on the highlights of our financial performance, and refer you to our press release and today’s 10-Q filing for additional details. In summary our Q2 financial performance was pretty much in line with the financials from the first quarter of this year.

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