FREMONT, Calif., Feb. 18 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
reported revenues of $12.3 million and a net loss of $20.5 million or
$1.41 per share for the year ended December 31, 1999, compared with revenues
of $3.8 million and a net loss of $16.8 million or $3.00 per share for the
year ended December 31, 1998. Revenues for the quarter ended
December 31, 1999, were $6.9 million, up from $1.8 million in the same quarter
of 1998. The net loss for the year and quarter ended December 31, 1999
includes a one-time net charge of $8.7 million related to the termination of
certain rights licensed by Japan Tobacco from Xenotech. The company ended
1999 with $58.0 million in cash, cash equivalents and short-term investments.
Subsequent to year end, Abgenix raised approximately $454 million in a
February 2000 follow-on financing.
Company highlights included:
-- Raising $577 million in a November 1999 private placement and follow-on
public offerings in March 1999 and February 2000.
-- Increasing XenoMouse(TM) technology collaborations to fifteen covering
at least twenty product candidates.
-- Initiating a phase III clinical trial of ABX-CBL in patients with
severe graft versus host disease (GVHD) based on encouraging survival
data from the phase II trial.
-- Completing a phase I/II clinical trial of ABX-IL8, the first human
antibody from a transgenic mouse to be tested in humans, in
moderate-to-severe psoriasis patients, that produced encouraging
response rates.
-- Initiating a phase I clinical trial of ABX-EGF in cancer patients.
-- Acquiring full ownership and control of XenoMouse technology.
-- Entering collaborations with leading genomics companies, Human Genome
Sciences and Curagen, to generate many potential product candidates.
"In 1999, we took Abgenix to the next level," stated R. Scott Greer,
president and CEO of Abgenix. "We now have the capital and disease target
sources to generate a continuing stream of antibody product candidates to
market to our pharmaceutical collaborators."
Abgenix is a biopharmaceutical company that develops and intends to
commercialize antibody therapeutic products for the treatment of a variety of
disease conditions, including transplant-related diseases, inflammatory and
autoimmune disorders, cardiovascular disease, infectious diseases, and cancer.
Abgenix has developed XenoMouse technology, which it believes enables quick
generation of high affinity, fully human antibody product candidates to
essentially any disease target appropriate for antibody therapy. Abgenix has
collaborative arrangements with numerous pharmaceutical and biotechnology
companies involving its XenoMouse technology. In addition, Abgenix has
multiple proprietary antibody product candidates that are under development
internally, three of which are in human clinical trials.
STATEMENT OF OPERATIONS
(in thousands except
per share data) Three months ended Year ended
December 31, December 31,
1999 1998 1999 1998
(unaudited)
Revenue $6,895 $1,834 $12,285 $3,842
Operating Expenses:
General and administrative 1,736 853 5,164 3,405
Research and development 6,735 5,601 21,106 17,588
Equity in (income)
losses in Xenotech
joint venture 11 107 (546) 107
Termination fee (A) 8,667 -- 8,667 --
Total operating expenses 17,149 6,561 34,391 21,100
Interest (income) expense, net (999) (202) (2,607) (431)
Foreign income tax 1,000 -- 1,000 --
Net loss $(10,255) $(4,525) $(20,499) $(16,827)
Net loss per share $(0.64) $(0.41) $(1.41) $(3.00)
Shares used in computing
net loss per share 15,929 11,095 14,537 5,603
BALANCE SHEET December 31,
(in thousands) 1999 1998
Cash, cash equivalents and
short-term investments $58,011 $16,744
Property and equipment, net 5,300 5,435
Long-term investment 29,225 --
Intangible assets (B) 46,591 --
Other assets 9,414 2,041
Total assets $148,541 $24,220
Current liabilities $10,910 $5,081
Long-term debt and other 571 2,180
Stockholders' equity 137,060 16,959
Total liabilities and
stockholders' equity $148,541 $24,220
(A) Related to the termination of certain rights licensed by Japan Tobacco
from Xenotech.
(B) Intangible assets acquired in conjunction with the acquisition of the
Xenotech joint venture.
Statements made in this press release about Abgenix's XenoMouse
technology, product development activities and collaborative arrangements
other than statements of historical fact, are forward looking statements and
are subject to a number of uncertainties that could cause actual results to
differ materially from the statements made, including risks associated with
the success of clinical trials, the progress of research and product
development programs, the regulatory approval process, competitive products,
future capital requirements and the extent and breadth of Abgenix's patent
portfolio. Please see Abgenix's public filings with the Securities and
Exchange Commission for information about risks that may affect Abgenix.
SOURCE Abgenix, Inc.
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Related links:
http://www.abgenix.com
CONTACT:
Kurt Leutzinger, Vice President and Chief
Financial Officer of Abgenix Inc., 510-608-6575
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