Worldwide Development and Commercialization of a Human Monoclonal Antibody
Targeting Cancer
FREMONT, Calif. and SEATTLE, July 26 /PRNewswire/ --
Abgenix, Inc. (Nasdaq: ABGX) and Immunex Corporation (Nasdaq: IMNX) reported
today that they have entered into a joint development and commercialization
agreement for ABX-EGF, a fully human antibody created by Abgenix and currently
in a Phase I clinical trial involving several tumor types.
ABX-EGF targets the receptor for human epidermal growth factor (EGFr)
which is overexpressed on some of the most prevalent human tumor types
including lung, prostate, pancreatic, colorectal, renal cell and esophageal.
It has been demonstrated that cancer cells can become dependent on growth
signals mediated through the EGFr for their survival. ABX-EGF in mouse models
can both eradicate established human tumors and block the growth of human
tumors.
Under the agreement, Immunex will make an initial license fee payment to
Abgenix, and a second license fee payment upon commencement of Phase II
clinical trials of ABX-EGF. Development costs will be shared equally, as
would any potential profits from sales of a targeted product. Immunex and
Abgenix will share responsibility for product development. Abgenix will
complete the ongoing Phase I trial, while both companies would share efforts
in the execution of Phase II trials across a variety of indications. Immunex
would have primary responsibility for Phase III clinical trials, and would
market any potential product, while Abgenix would retain co-promotion rights.
"Abgenix chose to collaborate with Immunex in the commercialization of
ABX-EGF based on the quality and experience of the Immunex development
organization," said R. Scott Greer, chairman and CEO of Abgenix. "The deal
structure enables Abgenix to stay involved in the development and
commercialization of ABX-EGF, and signals an evolution of our business
strategy away from strictly licensing agreements, toward profit sharing
structures."
"We believe that the EGF receptor is one of the most exciting new targets
in cancer research today and that the Abgenix antibody represents the leading
biological approach to targeting this receptor," said Ed Fritzky, Immunex
chairman, CEO and president. "Working with an innovative and targeted
approach to treating solid tumors strategically positions us on the forefront
of cancer research. Additionally, it's an important expansion of our product
pipeline in an area of significant medical need where we have extensive
research, clinical and commercial resources."
Over 300,000 cancer patients in the U.S. undergo treatment every year for
tumors that overexpress the receptor for EGF. For example, an estimated
70% of lung cancer and 80% of prostate cancer tumors overexpress EGFr.
Immunex Corporation is a biopharmaceutical company dedicated to improving
lives through immune system science innovations.
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 website at http://www.abgenix.com.
American Home Products Corporation owns a majority interest in Immunex.
AHP is one of the world's largest research-based pharmaceutical and health
care products companies. It is a leader in the discovery, development,
manufacturing and marketing of prescription drugs, including biotechnological
and vaccine products, animal health care products and over-the-counter
medications.
Statements made in this press release about Abgenix's 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'
public filings with the Securities and Exchange Commission (SEC) for
information about risks that may affect Abgenix.
NOTE: This news release contains forward-looking statements that involve
risks and uncertainties, including risks associated with clinical development,
regulatory approvals, our reliance on third-party manufacturers, product
commercialization and other risks described from time to time in the SEC
reports filed by Immunex, including the most recently filed Form 10-Q and
Form 10-K. An electronic version of this news release -- as well as
additional information about Immunex of interest to investors, customers,
future employees and patients -- is available on the Immunex home page at
http://www.immunex.com.
SOURCE Immunex Corporation
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Related links:
http://www.immunex.com
Company News On-Call:
http://www.prnewswire.com/comp/434644.html or fax,
800-758-5804, ext. 434644
CONTACT:
media, Ina Cu-Unjieng of Abgenix, Inc.,
510-608-4662; or Kris Greco, 206-470-4871, or investors, Mark
Leahy, 206-389-4363, both of Immunex Corporation
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