FREMONT, Calif., April 27 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
reported a net loss of $5.4 million or $0.44 per share for the quarter ended
March 31, 1999, compared with a net loss of $5.3 million or $0.67 per share
for the quarter ended March 31, 1998.  The company ended the first quarter
with $62.3 million in cash, cash equivalents and short-term investments.  In
addition, Abgenix raised an additional $2.9 million on April 7 from the
underwriters' exercise of their over-allotment option.
    First quarter company highlights included:

    * Reporting favorable results of a Phase II clinical trial with ABX-CBL in
      GVHD;
    * Reporting favorable results of a Phase I clinical trial with ABX-IL8 in
      psoriasis;
    * Forming corporate collaborations with two new partners, BASF Bioresearch
      Corporation and AVI BioPharma, Inc.;
    * Expanding our existing collaboration with Genentech, Inc. to include up
      to 14 product candidates;
    * Publishing in Cancer Research results of preclinical studies where the
      company eradicated established human tumors in mice with ABX-EGF; and
    * Raising $48.1 million gross proceeds in the company's follow-on public
      offering.

    "I am very pleased with the company's progress in the first quarter of
1999," stated R. Scott Greer, president and CEO of Abgenix.  "We advanced our
proprietary product pipeline, expanded our roster of corporate collaborations
and completed a successful public financing."
    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(TM) 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.
    In other news earlier this week, Abgenix announced a collaboration with
its tenth XenoMouse technology corporate partner, Amgen.  Amgen joins the
company's other XenoMouse technology corporate collaborators, including Pfizer
Inc., Schering-Plough Research Institute, Genentech, Inc., Centocor, Inc.,
BASF Bioresearch Corporation, Research Corporation Technologies, AVI
BioPharma, Inc., Cell Genesys, Inc. and Millennium BioTherapeutics, Inc.

                        SELECTED FINANCIAL INFORMATION
                           STATEMENT OF OPERATIONS
                     (in thousands except per share data)

                                                     Three months ended
                                                        March 31
                                                 1999               1998
                                             (unaudited)

    Revenue                                       $--               $891

    Operating expenses:
     General and administrative                 1,084                918
     Research and development                   4,567              5,366
     Equity in losses in Xenotech joint venture     8                 --
      Total operating expenses                  5,659              6,284
    Interest (income) expense, net              (262)               (48)
    Net Loss                                 $(5,397)           $(5,345)

    Net loss per share                        $(0.44)            $(0.67)
    Shares used in computing
     net loss per share                        12,137              7,953

    Balance Sheet                             March 31,         December 31,
                                                 1999              1998
    (in thousands)
    Cash, cash equivalents and
     short-term investments                   $62,315            $16,744
     Property and equipment, net                5,304              5,435
     Other assets                               1,295              2,041
      Total assets                            $68,914            $24,220

    Current liabilities                         5,587              5,081
    Long-term debt                              1,746              2,180
    Stockholders' equity                       61,581             16,959

    Total liabilities and
     stockholders' equity                     $68,914            $24,220

    Statements made in this press release about Abgenix's XenoMouse
technology, product development activities, clinical trials, product
pipelines, 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.

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