Vion Pharmaceuticals Issues Management Statement Regarding Trading Volume of Company's Common Stock

NEW HAVEN, Conn., Jan. 25 /PRNewswire-FirstCall/ -- VION PHARMACEUTICALS, INC. issued a management statement related to the continuing trading volume in the Company's common stock.

On December 17, 2009, Vion filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court in the District of Delaware. The Company recently filed its Schedules of Assets and Liabilities (the "Schedules") as of the petition date with the bankruptcy court, showing assets of $14.6 million and liabilities of $62.8 million not including certain unliquidated claims. The Schedules are unaudited and do not purport to represent financial statements prepared in accordance with Generally Accepted Accounting Principles in the United States, and they are not intended to be fully reconciled to the Debtor's financial statements.

For additional information on Vion visit the Company's web site at www.vionpharm.com.

Vion Pharmaceuticals, Inc.