After the close of market on August 8, 2012, Exelixis, Inc. (the “Company”) was notified that the Food and Drug Administration’s Oncologic Drugs Advisory Committee (“ODAC”) will review the Company’s new drug application for cabozantinib as a treatment for patients with progressive, unresectable, locally advanced, or metastatic medullary thyroid cancer. The Company was notified that ODAC will review cabozantinib at its meeting tentatively scheduled for November 9, 2012. The Prescription Drug User Fee Act (PDUFA) action date is November 29, 2012.

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