FREMONT, Calif., Oct. 26 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
reported a net loss of $1.3 million or $0.09 per share for the quarter ended
September 30, 1999, compared with a net loss of $3.3 million or $0.31 per
share for the quarter ending September 30, 1998. Revenues for the quarter were
$3.7 million compared to revenues of $0.4 million in the same quarter of 1998.
The net loss for the nine months ended September 30, 1999, was $10.2 million
compared to $12.3 million in the same period of 1998. Revenues for the nine
months ended September 30, 1999, were $5.4 million compared to $2.0 million in
the same period of 1998. The company ended the third quarter with $55.9
million in cash, cash equivalents and short-term investments.
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 and cancer.
Third quarter company highlights included:
-- The collaboration with Japan Tobacco, Inc., regarding the potential use
in Japan, Taiwan and Korea of clinical data generated by Abgenix on ABX-IL8,
the company's proprietary fully human antibody in clinical trials for
psoriasis.
-- The collaboration with the U. S. Army Medical Research Institute of
Infectious Diseases to develop antibodies that could potentially protect
against Ebola virus and Marburg virus, which pose potential biowarfare threats
to U. S. interests.
-- The initiation of a Phase I clinical trial in cancer with the company's
proprietary fully human antibody, ABX-EGF.
-- The completion of a multi-center, placebo-controlled Phase I/II
clinical trial of ABX-IL8 in psoriasis. Results of this trial are expected
later this year, and the company is preparing for one or more Phase II trials
with ABX-IL8 for 2000.
-- The publication of encouraging results of preclinical studies with
ABX-IL8 indicating its potential to treat a number of inflammatory diseases,
including psoriasis.
-- The expansion of the company's collaboration with the U.S. Army Medical
Research Institute of Infectious Diseases to develop antibody therapies that
could potentially protect against infections by poxviruses, including
smallpox, which pose a potential biowarfare or bioterrorism threat to U.S.
interests.
-- The naming of Gisela Schwab, M.D., as the new Vice President of
Clinical Development. Prior to joining Abgenix, Dr. Schwab spent seven years
with Amgen, most recently as team leader for the Hematology/Oncology
Therapeutic Area with responsibility for worldwide clinical trials.
"Abgenix continues to make good progress in implementing both its product
development plans and its business development strategy," stated R. Scott
Greer, president and CEO of Abgenix, Inc. "I am pleased with our
accomplishments to date and have high expectations for further progress this
year."
Abgenix developed XenoMouse(TM) technology to enable the rapid 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 under development internally, three of
which are in human clinical trials.
STATEMENT OF OPERATIONS
(in thousands except per share data)
Three months ended Nine months ended
September 30 September 30
1999 1998 1999 1998
(unaudited) (unaudited)
Revenue $3,670 $387 $5,390 $2,008
Operating Expenses:
General and administrative 1,134 782 3,428 2,562
Research and development 4,493 3,120 14,371 11,976
Equity in income
in Xenotech joint venture (18) -- (558) --
Total operating expenses 5,609 3,902 17,241 14,538
Interest (income) expense, net (660) (210) (1,607) (229)
Net loss $(1,279) $(3,305) $(10,244)$(12,301)
Net loss per share $(0.09) $(0.31) $(0.73) $(3.27)
Shares used in computing
net loss per share 15,023 10,716 14,049 3,767
BALANCE SHEET
(in thousands) September 30, December 31,
1999 1998
(unaudited)
Cash equivalents and short-term investments $55,863 $16,744
Property and equipment, net 4,992 5,435
Other assets 5,928 2,041
Total assets $66,783 $24,220
Current liabilities $5,245 $5,081
Long-term debt 867 2,180
Stockholders' equity 60,671 16,959
Total liabilities and stockholders' equity $66,783 $24,220
Statements made in this press release about Abgenix's XenoMouse
technology, product development activities, collaborative arrangements and the
potential of antibodies as treatments for disease 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
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