MOGN Mgi Pharma (MM)

MGI PHARMA, Inc. (Nasdaq:MOGN), an oncology and acute care focused biopharmaceutical company, today announced that it ranked Number 233 on the 2005 Deloitte Technology Fast 500, a ranking of the 500 fastest growing technology companies in North America. Rankings are based on percentage revenue growth over five years, from 2000-2004. MGI PHARMA revenue grew 676% during this period. "In 2000, we began executing on our strategy of becoming a leading biopharmaceutical company by enhancing our product development, sales and marketing groups and leveraging this team to in-license meaningful product candidates that could address the needs of cancer patients," said Lonnie Moulder, President and Chief Executive Officer of MGI PHARMA. "Since that time, we have completed a number of strategic product and company acquisitions and MGI PHARMA has grown to more than 500 associates at our three locations in the Minneapolis, Baltimore and Boston areas, and within our field organization." "With growing sales of our marketed products, we expect to achieve total revenue of $280 to $290 million in 2005," continued Mr. Moulder. "Of significance, Aloxi(R) injection, our product for chemotherapy-induced nausea and vomiting (CINV), holds the number one market share position in its class and is projected to generate peak sales of $500 million annually. In addition, our clinical development pipeline is comprised of several late-stage product candidates focused in the areas of oncology and acute care that are the result of 5 strategic business development transactions completed in the past two years. We anticipate that our currently-marketed products and late-stage product candidates may generate combined peak sales in excess of $1 billion within the next 5 years." "Achieving sustained revenue growth of 676% over five years is a tremendous achievement," said Tony Kern, deputy national managing principal of Deloitte's Technology, Media & Telecommunications industry practice. "MGI PHARMA's phenomenal growth puts it in select company." The Fast 500 list is compiled from Deloitte's 15 regional North American Fast 50 lists, nominations submitted directly to the Fast 500 and public company database research. To qualify for the Fast 500, entrants must have had 2000 operating revenues of at least $50,000 USD or $75,000 CD for the United States and Canada, respectively, and 2004 operating revenues of at least $1 million USD or CD. Entrants must be headquartered in North America and must be a "technology company," defined as a company that owns proprietary technology that contributes to a significant portion of the company's operating revenues, or devotes a significant proportion of revenues to the research and development of technology. Using other companies' technology in a unique way does not qualify. About MGI PHARMA MGI PHARMA, INC. is an oncology and acute care focused biopharmaceutical company that acquires, researches, develops and commercializes proprietary products that address the unmet needs of patients. MGI PHARMA markets Aloxi(R) (palonosetron hydrochloride) injection and Gliadel(R) wafer (polifeprosan 20 with carmustine implant) in the United States. The Company directly markets its products in the U.S. and collaborates with partners to reach international markets. For more information about MGI PHARMA, please visit www.mgipharma.com. About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms, and their respective subsidiaries and affiliates. As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other's acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names "Deloitte," "Deloitte & Touche," "Deloitte Touche Tohmatsu," or other related names. Services are provided by the member firms or their subsidiaries or affiliates and not by the Deloitte Touche Tohmatsu Verein. Deloitte & Touche USA LLP is the U.S. member firm of Deloitte Touche Tohmatsu. In the U.S., services are provided by the subsidiaries of Deloitte & Touche USA LLP (Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Financial Advisory Services LLP, Deloitte Tax LLP and their subsidiaries) and not by Deloitte & Touche USA LLP. This news release contains certain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are typically preceded by words such as "believes," " expects," "anticipates," "intends," "will," "may," "should," or similar expressions. These forward-looking statements are not guarantees of MGI PHARMA's future performance and involve a number of risks and uncertainties that may cause actual results to differ materially from the results discussed in these statements. Factors that might cause MGI PHARMA's results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, the ability of MGI PHARMA's product candidates to be proven safe and effective in humans, to receive marketing authorization from regulatory authorities, and to ultimately compete successfully with other therapies; continued sales of MGI PHARMA's marketed products; development or acquisition of additional products; reliance on contract manufacturing; changes in strategic alliances; continued access to capital; ability of MGI PHARMA to successfully complete the integration of Guilford with its existing operations; the risk that the perceived advantages of the Guilford transaction may not be achieved; and other risks and uncertainties detailed from time to time in MGI PHARMA's filings with the Securities and Exchange Commission including its most recently filed Form 10-Q or 10-K. MGI PHARMA undertakes no duty to update any of these forward-looking statements to conform them to actual results.