Press Release December 17, 2007

Cougar Biotechnology Announces $87 Million Private Placement

BOSTON, Dec. 17, 2007 – Cougar Biotechnology, Inc. (NASDAQ: CGRB) announced today it has entered into definitive agreements with institutional investors to sell in a private placement 3.0 million shares of its common stock at a price of $29 per share, which will result in gross proceeds to the company of $87 million before the deduction of placement agent fees and other offering expenses. The closing of the offering is subject to certain conditions, and is expected to occur on December 20, 2007.

Proceeds from the financing will be used primarily for ongoing clinical development of Cougar’s drug candidates, including CB7630 (abiraterone acetate), CB3304 (noscapine) and CB1089 (seocalcitol).

Goodwin Procter attorneys Mitchell S. Bloom and Michael J. Berdik represented Leerink Swann LLC, which served as lead placement agent for the offering. Cowen and Company, LLC and Lazard Frères & Co. LLC acted as co-placement agents.

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