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OSI Pharmaceuticals to Provide a Summary of Data Presented at the 2008 American Society of Clinical Oncology Meeting

MELVILLE, N.Y.--(BUSINESS WIRE)--May 27, 2008 - OSI Pharmaceuticals, Inc. (Nasdaq: OSIP) today announced it will host a live webcast to provide a summary of data on the Company's flagship product, Tarceva(R), presented during the 2008 Annual Meeting of the American Society of Clinical Oncology (ASCO) in Chicago, IL. The webcast will be hosted by Colin Goddard, Ph.D., Chief Executive Officer, and OSI's Oncology Management Team and will begin at 7:30AM Central Time on Tuesday, June 3, 2008.

To access the webcast live via the internet, please log onto www.osip.com approximately 15 minutes before the start of the event to allow for any software downloads that may be necessary. Following the webcast, an archive will be available at the same address for seven days.

About OSI Pharmaceuticals

OSI Pharmaceuticals is committed to "shaping medicine and changing lives" by discovering, developing and commercializing high-quality and novel pharmaceutical products designed to extend life and/or improve the quality of life for patients with cancer and diabetes/obesity. The Company's oncology programs are focused on developing molecular targeted therapies designed to change the paradigm of cancer care. OSI's diabetes/obesity efforts are committed to the generation of novel, targeted therapies for the treatment of type 2 diabetes and obesity. OSI's flagship product, Tarceva(R) (erlotinib), is the first drug discovered and developed by OSI to obtain FDA approval and the only EGFR inhibitor to have demonstrated the ability to improve survival in both non-small cell lung cancer and pancreatic cancer patients in certain settings. OSI markets Tarceva through partnerships with Genentech, Inc. in the United States and with Roche throughout the rest of the world. For additional information about OSI, please visit http://www.osip.com.

This news release contains forward-looking statements. These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. Factors that might cause such a difference include, among others, the completion of clinical trials, the FDA and other foreign review processes and other governmental regulation, OSI's and its collaborators' abilities to successfully develop and commercialize drug candidates, competition from other pharmaceutical companies, the ability to effectively market products, and other factors described in OSI Pharmaceuticals' filings with the Securities and Exchange Commission.

Contact

OSI Pharmaceuticals, Inc.
Kathy Galante (Investors/Media)
Senior Director
or
Kim Wittig (Media)
Director
212-213-0006
or
Burns McClellan (Representing OSI)
Justin Jackson / Kathy Nugent (Media)
631-962-2000

Posted: May 2008

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