VIVUS Announces $65 Million Registered Direct Offering of Common Stock

MOUNTAIN VIEW, Calif.--(Business Wire)--
VIVUS, Inc. (NASDAQ: VVUS), a pharmaceutical company dedicated to
the development and commercialization of novel therapeutic products,
today announced that it has entered into definitive agreements dated
August 5, 2008 with a select group of institutional investors to sell
8,365,508 shares of its common stock in a "registered direct"
offering. The investors have agreed to purchase the shares at a
purchase price of $7.77 per share resulting in gross proceeds of
approximately $65.0 million to VIVUS, before expenses. Trout Capital
LLC served as placement agent for the offering.

All of the shares of common stock are being offered pursuant to an
effective Registration Statement on Form S-3 previously filed with the
Securities and Exchange Commission. The transaction is expected to
close on or about August 5, 2008, subject to customary closing
conditions.

Several new and existing investors participated in the offering.
VIVUS intends to use the proceeds from the financing for general
corporate purposes and to fund clinical trials of its product
candidates, including the advancement of the clinical program for
Qnexa(TM) for the treatment of obesity and diabetes.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction. Copies of the prospectus
supplement and accompanying base prospectus relating to this offering
may be obtained at the SEC's website at http://www.sec.gov.

About VIVUS

VIVUS, Inc. is a pharmaceutical company dedicated to the
development and commercialization of novel therapeutic products. The
current portfolio includes investigational product candidates under
development to address obesity, diabetes and sexual health, including:
Qnexa(TM), which is in phase 3, for the treatment of obesity and phase
2 for the treatment of type 2 diabetes; Luramist(TM) (Testosterone
MDTS(R)), for which a phase 2 study has been completed for the
treatment of Hypoactive Sexual Desire Disorder (HSDD); and avanafil,
for which a phase 2 study has been completed for the treatment of
erectile dysfunction (ED). MUSE(R) is approved and currently on the
market for the treatment of ED. For more information on clinical
trials and products, please visit the company's web site at
http://www.vivus.com/.

Certain statements in this press release are forward-looking
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements may be identified by the use of forward-looking
words such as "anticipate," "believe," "forecast," "estimated" and
"intend," among others. These forward-looking statements are based on
VIVUS' current expectations and actual results could differ
materially. There are a number of factors that could cause actual
events to differ materially from those indicated by such
forward-looking statements. These factors include, but are not limited
to, substantial competition; uncertainties of patent protection and
litigation; uncertainties of government or third party payer
reimbursement; reliance on sole source suppliers; limited sales and
marketing efforts and dependence upon third parties; risks related to
the development of innovative products; and risks related to failure
to obtain FDA clearances or approvals and noncompliance with FDA
regulations. As with any pharmaceutical under development, there are
significant risks in the development, regulatory approval and
commercialization of new products. There are no guarantees that future
clinical studies discussed in this press release will be completed or
successful or that any product will receive regulatory approval for
any indication or prove to be commercially successful. VIVUS does not
undertake an obligation to update or revise any forward-looking
statement. Investors should read the risk factors set forth in VIVUS'
Form 10-K for the year ended December 31, 2007 and periodic reports
filed with the Securities and Exchange Commission.

VIVUS, Inc.
Timothy E. Morris, 650-934-5200
Chief Financial Officer
or
The Trout Group
Ian Clements (SF), 415-392-3385
or
Brian Korb (NYC), 646-378-2923

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