FREMONT, Calif., Oct. 23 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
today reported a net income of $1.5 million or $0.02 per share for the quarter
ended September 30, 2000, compared to a net loss of $1.3 million or $0.02 per
share for the quarter ended September 30, 1999. Contract revenues for the
current quarter increased to $7.6 million from $3.7 million for the same
quarter in 1999. Including interest income, total revenues for the current
quarter increased to $16.8 million from $4.4 million for the same period in
1999. While the increase in total revenues resulted in a profitable third
quarter in 2000, the company does not expect to be consistently profitable for
several years. Contract revenues include license fees and milestone payments
from corporate partners which are dependent on the timing of certain events
and will vary from quarter to quarter.
For the nine months ended September 30, 2000, the company reported a net
loss of $4.3 million compared to a net loss of $10.2 million in the same
period of 1999. Contract revenues for the nine-month period in 2000 were
$13.1 million compared to $5.4 million in the same period of 1999. Including
interest income, total revenues for the nine-month period in 2000 increased to
$35.4 million from $7.3 million for the same period in 1999. These revenues
did not include non-refundable payments received from corporate partners and
recorded as deferred revenue, pursuant to the guidance contained in Staff
Accounting Bulletin 101. Deferred revenue totaled $14.4 million as of
September 30, 2000.
Abgenix ended the third quarter with approximately $545 million in cash,
cash equivalents and short-term investments. In addition, Abgenix holds
long-term investments, primarily equity in corporate partners, totaling
$71.6 million.
Third quarter company highlights included:
-- Entering co-development and commercialization agreements for two of our
proprietary products, ABX-EGF (Immunex) and ABX-CBL (SangStat),
-- Entering a collaboration with ImmunoGen, Inc., whereby Abgenix gains
broad access to ImmunoGen's tumor-activated prodrug (TAP) technology to
use with our fully human antibodies,
-- Continuing to build our organization with key hires including
Gayle Mills as vice president, Business Development and John Meyer as
vice president, Human Resources, and,
-- Reaching an agreement to acquire ImmGenics and its proprietary high
throughput antibody discovery technology.
In addition, Abgenix recently announced the first licensee product to
enter the clinic with Pfizer's IND filing of an antibody product candidate
generated with our XenoMouse(TM) technology. There are now three fully human
antibodies from our technology being tested in human clinical trials.
Abgenix is a biopharmaceutical company focused on the development and
commercialization of antibody therapies for a variety of diseases. The
company 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 uses its XenoMouse
technology to build a large and diversified product portfolio through the
establishment of licensing arrangements with multiple pharmaceutical,
biotechnology and genomics companies and through the development of its own
internal proprietary products. For more information on Abgenix, visits the
company's website at http://www.abgenix.com.
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 that may affect Abgenix.
STATEMENT OF OPERATIONS
(in thousands except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
(unaudited) (unaudited)
Revenues:
Contract revenues $7,634 $3,670 $13,077 $5,390
Interest income 9,213 762 22,334 1,954
Total revenues 16,847 4,432 35,411 7,344
Costs and Expenses:
Research and development 12,784 4,493 31,910 14,371
General and administrative 1,762 1,134 5,152 3,428
Amortization of intangible
assets 777 -- 2,330 --
Equity in income from
joint venture -- (18) -- (558)
Interest expense 17 102 317 347
Total costs and expenses 15,340 5,711 39,709 17,588
Net income (loss) $1,507 ($1,279) ($4,298)
($10,244)
Basic EPS * $0.02 ($0.02) ($0.05) ($0.18)
Shares used in computing
basic EPS 81,323 60,092 78,799 56,196
Diluted EPS * $0.02 ($0.02) ($0.05) ($0.18)
Shares used in computing
diluted EPS 88,611 60,092 78,799 56,196
September 30, December 31,
BALANCE SHEET 2000 1999
Cash, cash equivalents
and marketable securities $545,341 $56,909
Other current assets 17,877 10,114
Total current assets 563,218 67,023
Property and equipment, net 7,585 5,300
Long-term investments 71,639 29,225
Intangible assets, net 44,261 46,591
Deposits & other assets 703 402
Total assets $687,406 $148,541
Deferred revenue $14,405 $3,767
Other current liabilities 9,225 7,143
Total current liabilities 23,630 10,910
Long-term debt and other 406 571
Stockholders' equity: 663,370 137,060
Total liabilities and
stockholders' equity $687,406 $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.
 back to top
Related links:
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
|
