FREMONT, Calif., Nov. 1 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
announced today that it has entered into definitive purchase agreements for
the sale of approximately 3.3 million shares of newly issued common stock to
selected institutional and other accredited investors for approximately
$230 million of gross proceeds. The purchase price is $70.00 per share. In
addition, approximately 750,000 shares were sold by a selling stockholder,
Cell Genesys, Inc. (Nasdaq: CEGE). After this financing, Cell Genesys will
own approximately 10.5% of the outstanding stock of Abgenix. The shares of
common stock have not been registered under the Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration, or an applicable exemption from registration.
Robertson Stephens served as the placement agent for this transaction.
The Company intends to use net proceeds from this private placement for
product development, equity investments in collaborators, acquisition of
technologies and businesses, expansion of laboratories and manufacturing
facilities, and for working capital and general corporate purposes.
Abgenix is a biopharmaceutical company focused on the development and
commercialization of antibody therapies for a variety of diseases. The
company 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 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.
SOURCE Abgenix, Inc.
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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/Public
Relations of Abgenix, Inc., 510-608-4662
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