Milestone Triggers Additional Payment From Japan Tobacco
FREMONT, Calif., Oct. 5 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
announced today that it has completed a multi-center, placebo controlled Phase
I/II clinical trial of ABX-IL8 in psoriasis. The multi-dose, dose-escalating
study involved 45 patients with moderate to severe disease. Abgenix expects
to release data from the trial later this year. Under an agreement executed
with Japan Tobacco in June, Abgenix has now earned a second payment for
providing clinical trial data to Japan Tobacco. Abgenix will have exclusive
rights to ABX-IL8 outside of Japan, Taiwan and Korea, where Japan Tobacco has
commercial rights.
"We are pleased to have completed the ABX-IL8 Phase I/II trial on schedule
and are currently planning a Phase II trial in psoriasis for early next year,"
stated R. Scott Greer, president and chief executive officer of Abgenix. "We
are evaluating additional Phase II indications, one to two of which could be
initiated next year."
ABX-IL8 is a proprietary fully human monoclonal antibody developed using
the company's XenoMouse(TM) technology. ABX-IL8 targets Interleukin-8 ("IL-
8"), which is a cytokine that can cause unwanted inflammation by first
enabling immune cells, including neutrophils, to migrate to inflammatory sites
and subsequently activating them. There is substantial evidence that IL-8
contributes to a number of inflammatory diseases, including psoriasis,
rheumatoid arthritis, and inflammatory bowel disease.
ABX-IL8 is being studied initially in psoriasis because of its potential
to intervene at multiple steps in the disease pathology by blocking IL-8.
Scientific studies have shown that IL-8 levels can be elevated 150 fold in
psoriatic tissue when compared to normal tissue. In addition to contributing
to the inflammation process, IL-8 is also a growth factor for skin cells that
are proliferating in psoriatic tissue. Finally, IL-8 is a potent angiogenesis
factor, so it may be contributing to the ingrowth of blood vessels that
nourish psoriatic tissue.
Psoriasis is a chronic disease that results in plaques, a thickening and
scaling of the skin accompanied by local inflammation. The disease effects
approximately four to five million people in the United States and can be
debilitating in its most severe form. Approximately 500,000 psoriasis
patients suffer from a severe enough form of the disease to require systemic
therapy with immune suppressants and ultraviolet phototherapy. The risk of
serious adverse side effects associated with these therapies often requires
the patients to alternate between various therapeutic modalities as a
precautionary measure.
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 multiple
proprietary antibody product candidates that are under development internally,
three of which are in human clinical trials.
Statements made in this press release about the potential of ABX-IL8 as a
treatment for psoriasis and other inflammatory diseases, 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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Related links:
http://www.abgenix.com
CONTACT:
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., or Kurt
Leutzinger, Vice President and Chief Financial Officer of Abgenix
Inc., 510-608-6575
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