FREMONT, Calif., July 27 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
reported a net loss of $3.6 million or $0.24 per share for the quarter ended
June 30, 1999, compared with a net loss of $3.7 million or $0.45 per share for
the quarter ending June 30, 1998. The company ended the second quarter with
$61.6 million in cash, cash equivalents and short-term investments.
Second quarter company highlights included:
* Forming corporate collaborations with two new partners, Amgen, Inc. and
Japan Tobacco Inc.;
* Completing enrollment in the company's ongoing 45 patient Phase I/II
clinical trial in psoriasis with ABX-IL8; and
* Reporting positive survival data from a Phase II trial in steroid
resistant Graft Versus Host Disease with ABX-CBL.
In addition, Abgenix recently announced a research collaboration with the
U.S. Army to develop antibody countermeasures to potential biological weapons
and that it had filed an IND with the FDA to begin a Phase I clinical trial in
cancer with ABX-EGF.
"Significant progress was made with each of our proprietary product
development programs in the second quarter," stated R. Scott Greer, president
and CEO of Abgenix. "We also continue to build on our base of XenoMouse
technology collaborations which now involves twelve partners."
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 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 multiple pharmaceutical and biotechnology companies
involving its XenoMouse technology. In addition, Abgenix has four proprietary
antibody product candidates that are under development internally, two of
which are in human clinical trials.
SELECTED FINANCIAL INFORMATION
STATEMENT OF OPERATIONS
(in thousands except per share data)
Three months ended Six months ended
June 30 June 30
1999 1998 1999 1998
(unaudited) (unaudited)
Revenue $1,720 $735 $1,720 $1,625
Operating Expenses:
General and administrative 1,210 803 2,294 1,721
Research and development 5,312 3,553 9,878 8,919
Equity in income in Xenotech
joint venture (548) -- (540) --
Total operating expenses 5,974 4,356 11,632 10,640
Interest (income) expense, net (686) 29 (948) (20)
Net loss $(3,568) $(3,650) $(8,964) $(8,995)
Net loss per share $(0.24) $(0.45) $(0.66) $(1.11)
Shares used in computing
net loss per share 14,916 8,159 13,554 8,136
BALANCE SHEET
(in thousands) June 30, December 31,
1999 1998
(unaudited)
Cash equivalents and short-term investments $61,618 $16,744
Property and equipment, net 5,110 5,435
Other assets 3,470 2,041
Total assets $70,198 $24,220
Current liabilities $7,371 $5,081
Long-term debt 1,308 2,180
Stockholders' equity 61,519 16,959
Total liabilities and stockholders' equity $70,198 $24,220
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.
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; or investors,
Amy B. Giller, 415-677-4455, ext. 206, or media, Amy Flood,
415-677-4455, ext. 211, both of Noonan/Russo Communications, for
Abgenix, Inc.
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