On May 9, 2017, George A. Scangos, Ph.D. resigned as a member of the Audit Committee of the Board of Directors (the “Board”) of Exelixis, Inc. (the “Company”), effective immediately. Dr. Scangos tendered this resignation in response to the concern expressed recently by Institutional Shareholder Services (“ISS”) over his service on the Audit Committee, given his prior service as the Company’s President and Chief Executive Officer. This concern resulted in ISS’ negative recommendation with respect to Dr. Scangos’ election to the Board at the Annual Meeting of Stockholders of the Company to be held on May 24, 2017 (the “Annual Meeting”). Despite the Board’s opinion that Dr. Scangos’ extensive qualifications make him an asset to the Audit Committee and that his prior service as the Company’s President and Chief Executive Officer, which ended in July 2010, did not interfere with the exercise of independent judgment in his carrying out the responsibilities of a director and a member of the Audit Committee, Dr. Scangos believed that since some of the Company’s stockholders may share the same concern as expressed by ISS, he should voluntarily resign from the Audit Committee. Dr. Scangos’ resignation from the Audit Committee has no effect on his continued service as a member of the Board and he continues to be a nominee for election to the Board at the Annual Meeting. In addition, Charles Cohen, Ph.D., Stelios Papadopoulos, Ph.D. and Jack L. Wyszomierski, who the Board has determined is an “audit committee financial expert” as defined in applicable Securities and Exchange Commission rules, continue to serve on the Audit Committee. For further clarity, Dr. Scangos’ resignation is not the result of a disagreement with any member of the Audit Committee or the Company’s financial reporting.

The information set forth herein supplements the Company’s proxy statement dated April 13, 2017 and is being furnished to holders of the Company’s common stock in connection with the solicitation of proxies on behalf of the Board for use at the Annual Meeting.

About EXELIXIS, INC. (NASDAQ:EXEL)

Exelixis, Inc. is a biopharmaceutical company. The Company is engaged in developing small molecule therapies for the treatment of cancer. It focuses on the development and commercialization of cabozantinib, an inhibitor of multiple receptor tyrosine kinases, in various tumor indications. Cabozantinib is indicated for the treatment of progressive, metastatic medullary thyroid cancer, and is sold under the brand name COMETRIQ. It is evaluating Cabozantinib in a development program, which consists of over 45 clinical trials, across multiple indications, including pivotal studies in advanced renal cell carcinoma (RCC) and hepatocellular carcinoma (HCC). Its other products are Cobimetinib and XL888. Cobimetinib is a potent, selective inhibitor of MEK, a kinase that is a component of the RAS/RAF/MEK/ERK pathway. XL888 is a small molecule oral inhibitor of Heat Shock Protein 90 (HSP90), a molecular chaperone protein that affects the activity and stability of a range of regulatory proteins.

EXELIXIS, INC. (NASDAQ:EXEL) Recent Trading Information

EXELIXIS, INC. (NASDAQ:EXEL) closed its last trading session down -0.39 at 21.72 with 3,165,153 shares trading hands.