FREMONT, Calif., July 25 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
reported a net loss of $2.4 million or $0.03 per share for the quarter ended
June 30, 2000, compared with a net loss of $3.6 million or $0.06 per share for
the quarter ended June 30, 1999. Contract revenues for the quarter were
$3.5 million compared to $1.7 million for the same quarter in 1999. The
deferred revenue balance at the end of the quarter was $12.5 million. The
company ended the second quarter with $555 million in cash, cash equivalents
and short-term investments.
Second quarter company highlights included:
-- Entering XenoMouse(TM) technology collaborations with SmithKline
Beecham and Abbott. Abgenix now has 21 partners,
-- Announcing the second stock split for the year,
-- Strengthening its intellectual property with the issuance of a second
patent for XenoMouse technology,
-- Announcing new key hires: VPs of Manufacturing, Product Discovery and
Process Sciences, and
-- Entering a collaboration with Genzyme Transgenics (GTC) to produce
ABX-IL8, Abgenix's fully human antibody in Phase II clinical trials for
psoriasis, using GTC's transgenic manufacturing system.
In addition, Abgenix recently announced an important drug discovery
collaboration with Lexicon Genetics, a functional genomics company, to develop
fully human antibody therapies using Lexicon's knockout-validated gene drug
targets.
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 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.
NOTE: 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 which may affect Abgenix.
STATEMENT OF OPERATIONS
(in thousands except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, 2000 June 30, 2000
2000 1999 2000 1999
Revenues:
Contract revenues $3,478 $1,720 $5,443 $1,720
Interest income 8,781 797 13,122 1,192
Total revenues 12,259 2,517 18,565 2,912
Costs and Expenses:
Research and development 11,912 5,312 19,126 9,878
General and administrative 1,805 1,210 3,390 2,295
Amortization of intangible
assets 777 -- 1,553 --
Equity in income from
Xenotech joint venture -- (548) -- (540)
Interest expense 185 111 300 244
Total costs and expenses 14,679 6,085 24,369 11,877
Net loss ($2,420) ($3,568) ($5,804) ($8,965)
Basic and diluted net loss
per share * ($0.03) ($0.06) ($0.07) ($0.17)
Shares used in computing
basic and diluted
net loss per share 80,545 59,664 77,522 54,216
June 30, December 31,
BALANCE SHEET 2000 1999
(unaudited)
Cash, cash equivalents
and marketable securities $555,537 $56,909
Other current assets 15,233 10,114
Total current assets 570,770 67,023
Property and equipment, net 6,254 5,300
Long-term investment 31,896 29,225
Intangible assets, net 45,038 46,591
Deposits & other assets 708 402
Total assets $654,666 $148,541
Deferred revenue $12,539 $3,767
Other current liabilities 6,606 7,143
Total current liabilities 19,145 10,910
Long-term debt and other 240 571
Stockholders' equity: 635,281 137,060
Total liabilities and
stockholders' equity $654,666 $148,541
* After giving effect to both of the two-for-one stock splits effective
April 6, 2000 and July 7, 2000.
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:
Ina Cu-Unjieng, Manager, Investor Relations
and Public Relations of Abgenix, Inc., 510-608-4662
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