The Company reported a net loss of $4.3 million, or $0.54 per share, for the quarter ended March 31, 2009, compared with a net loss of $8.2 million, or $1.14 per share, for the same 2008 period. Weighted-average common shares outstanding for the three months ended March 31, 2009 and March 31, 2008 were 7.9 million and 7.2 million, respectively.

The Company reported ending the quarter with $30.0 million in cash and cash equivalents. Based on its current operating plan, management estimates that its existing cash and cash equivalents will be sufficient to fund operations through the first quarter of 2010.

In February 2009, the Company submitted a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) for its lead anticancer agent Onrigin (laromustine) Injection for remission induction treatment for patients sixty years of age or older with de novo poor-risk acute myeloid leukemia (AML). In April 2009, the Company announced that the FDA had accepted the NDA for review and that it had been assigned an end user fee date of December 12, 2009 for a decision on approval by the FDA.

Alan Kessman, Chief Executive Officer, commented, "We are continuing to interact with the FDA on our NDA with the objective of receiving approval for Onrigin in its first indication in the U.S. by the end of 2009."

Conference Call

The Company will hold a conference call at 8:30 a.m. Eastern Time on May 14, 2009 to discuss its operations and financial results.

To participate in the conference call, please dial (866) 271-6130 in the U.S. ((617) 213-8894 for international callers) at least 15 minutes before the start of the call. When prompted for a pass code, please enter 50015632.

An audio webcast of the call will be accessible at http://www.vionpharm.com/. Those who wish to listen to the conference call on the Web should visit the Investor Relations section of the Company's website at least 15 minutes prior to the event broadcast, and follow the instructions provided to assure that the necessary audio applications are downloaded and installed. These programs can be obtained at no charge to the user.

A replay of the call will be available two hours after the completion of the call at (888) 286-8010 in the U.S., ((617) 801-6888 for international callers), pass code 82833471. The replay will be available through Thursday, May 28, 2009.

About Vion

Vion Pharmaceuticals, Inc.