R. Scott Greer Named Chairman of the Board
FREMONT, Calif., April 25 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
reported a net loss of $3.4 million or $0.09 per share for the quarter ended
March 31, 2000, compared with a net loss of $5.4 million or $0.22 per share
for the quarter ended March 31, 1999. Revenues for the quarter, including
interest income, were $6.3 million compared to $0.4 million in 1999. Deferred
revenues increased during the quarter from $3.8 million to $13.4 million. The
company ended the first quarter with $568 million in cash, cash equivalents
and marketable securities.
First quarter company highlights included:
-- Initiating a multi-center Phase II clinical trial with ABX-IL8 in
psoriasis;
-- Forming XenoMouse(TM) technology deals with new partners, Elan and
Gliatech;
-- Establishing a strategic alliance with Corixa, which will contribute up
to six antigen targets a year to the collaboration;
-- Expanding our existing collaboration with Pfizer to include up to five
product candidates;
-- Dramatically expanding our collaboration with Millennium, whereby they
now have broad access to XenoMouse technology for potentially a large
number of genomics-based targets; and
-- Raising approximately $500 million net proceeds in the company's
follow-on public offering.
"In the first quarter of the new millennium, we continued to build and
advance our proprietary product pipeline, expanded our roster of corporate
collaborations and completed one of the largest public financings in the
biotech industry," said R. Scott Greer, chairman and CEO of Abgenix. "We now
have both the capital and the disease target sources to generate a continuing
stream of antibody product candidates."
In other news, Abgenix announced today that R. Scott Greer, the company's
president and chief executive officer, has been appointed chairman of the
board of directors replacing Stephen A. Sherwin, M.D., who has served as
chairman since the company's founding in 1996. Dr. Sherwin will continue as a
director of the board.
"Dr. Sherwin, the chairman and chief executive officer of Cell Genesys,
Inc., our parent company, played a key role in the development of our core
business and was a co-founder of Abgenix," stated Mr. Greer. "We are grateful
for his guidance as chairman over the past four years and look forward to his
continuing service on our board of directors."
"The appointment of Scott Greer as chairman recognizes the strong
leadership he has provided to Abgenix during its first four years," stated Dr.
Sherwin. "During this time, Abgenix has carried out multiple successful
financings, moved three products into clinical trials, and formed
collaborations with eighteen companies."
Abgenix was created as a wholly owned subsidiary of
Cell Genesys (Nasdaq: CEGE) in July 1996. Since its founding, Abgenix has
raised over $900 million in private and public equity financings, including
approximately $210 million for Cell Genesys. Currently, Cell Genesys owns
approximately 12% of Abgenix's outstanding shares.
Abgenix is a biopharmaceutical company that develops and intends to
commercialize antibody therapies for the treatment of such conditions as
transplant-related diseases, inflammatory and autoimmune disorders,
cardiovascular disease, infectious diseases, and cancer. For more information
on Abgenix, visit the company's Web site at http://www.abgenix.com.
Abgenix developed XenoMouse technology to enable the rapid generation of
high affinity, fully human antibody product candidates to essentially any
disease target appropriate for antibody therapy. Abgenix has collaborative
arrangements with multiple pharmaceutical, genomics and biotechnology
companies involving its XenoMouse technology. In addition, Abgenix has
multiple proprietary antibody product candidates under development internally,
three of which are in human clinical trials for graft-versus-host disease,
psoriasis, rheumatoid arthritis, and cancer.
Three months ended
March 31
2000 1999
Revenues: (unaudited)
Contract revenues $1,965 $--
Interest income 4,341 395
Total revenues 6,306 395
Costs and Expenses:
Research and development 7,214 4,567
General and administrative 1,584 1,084
Amortization of intangible assets 777 --
Interest expense 114 133
Equity in losses in Xenotech joint venture -- 8
Total costs and expenses 9,689 5,792
Net loss ($3,383) ($5,397)
Net loss per share* ($0.09) ($0.22)
Shares used in computing net loss per share* 37,250 24,274
March 31, December 31,
Balance Sheet 2000 1999
(in thousands) (unaudited)
Cash, cash equivalents and
marketable securities $568,003 $58,012
Property and equipment, net 5,253 5,300
Long-term investment 39,176 29,225
Intangible assets, net 45,814 46,591
Other assets 4,825 9,413
Total assets 663,071 148,541
Deferred revenue 13,367 3,767
Other current liabilities 6,286 7,143
Long-term debt and other 296 571
Stockholders' equity 643,122 137,060
Total liabilities and stockholders' equity $663,071 $148,541
* After giving effect to the two for one stock split effective
April 6, 2000
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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http://www.abgenix.com
Company News On-Call:
http://www.prnewswire.com/comp/126548.html or fax,
800-758-5804, ext. 126548
CONTACT:
Kurt Leutzinger, Chief Financial Officer of
Abgenix Inc., 510-608-6575
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