FREMONT, Calif., March 14 /PRNewswire-FirstCall/ -- Abgenix, Inc.
(Nasdaq: ABGX) announced today that Genentech, Inc. (NYSE: DNA) has exercised
its option to extend its technology licensing agreement with Abgenix for an
additional three years. Under the extended agreement, Genentech will have
access to Abgenix's proprietary antibody generation technology. As a
condition of exercising the option, Genentech has purchased Abgenix common
stock representing less than one percent of Abgenix's outstanding common stock
through a private placement subject to future registration. Abgenix may also
receive future milestone payments and fees as antibody programs advance
through the collaboration, as well as future royalties on any products that
may be successfully commercialized by Genentech.
"We are pleased with Genentech's decision to extend our agreement as we
feel it demonstrates the potential of our XenoMouse(R) technology," said Gayle
Mills, Senior Vice President of Business Development at Abgenix. "We look
forward to working with Genentech to leverage our technology to support their
research and development activities."
In 1999 Genentech signed an agreement with Abgenix to license the Abgenix
technology. Under the agreement Abgenix provides Genentech with the XenoMouse
technology for use in Genentech's product development activities.
Abgenix is a biopharmaceutical company focused on the discovery,
development and manufacturing of human therapeutic antibodies. Several
antibodies generated with the company's proprietary technology are currently
in the clinical phase of development, including the company's lead antibody
candidate, panitumumab, an antibody to the epidermal growth factor receptor
(EGFr) that is currently in pivotal clinical trials as a third line treatment
for metastatic colorectal cancer. Abgenix is codeveloping panitumumab with
Amgen, Inc.
About Abgenix
Abgenix is a biopharmaceutical company focused on the discovery,
development and manufacturing of human therapeutic antibodies. The company's
antibody development platform includes a leading technology and state-of-the-
art manufacturing capabilities that enable the rapid generation, selection and
production of high affinity, fully human antibody product candidates to a
variety of disease targets. Abgenix leverages its leadership position in human
antibody technology to build a diversified product portfolio through its own
development efforts and through the establishment of collaborations with
multiple pharmaceutical and biotechnology companies. For more information on
Abgenix, visit the company's website at http://www.abgenix.com.
This press release contains forward-looking statements about Abgenix's
technologies, product development activities, collaborative arrangements,
projected financial and operating results, and achievement of milestone or
similar payments or other revenues. Such statements 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, product
manufacturing, regulatory approval processes and meeting requirements for
regulatory approval, competitive products and services, capital requirements
and the extent and breadth of Abgenix's patent portfolio, and other factors
set forth in Abgenix's public filings with the Securities and Exchange
Commission, including the risks described in Abgenix's quarterly report on
Form 10-Q for the quarter ended September 30, 2004 and annual report on Form
10-K for the year ended December 31, 2003. Abgenix is providing this
information as of the date of this press release and does not undertake any
obligation to update any forward-looking statements.
SOURCE Abgenix, Inc.
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Related links:
http://www.abgenix.com
CONTACT:
Ami Knoefler, Senior Director, Corporate
Communications and Investor Relations, of Abgenix, Inc.,
+1-510-284-6350, or +1-510-284-6605
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