FREMONT, Calif., Nov. 2 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
announced today that Pfizer, Inc. (NYSE: PFE) has exercised its option for a
third antigen target under its research collaboration and worldwide license
agreement with Abgenix. Abgenix will use its XenoMouse(TM) technology to
generate fully human antibodies for Pfizer and could receive research, license
fee and milestone payments, plus royalty payments on future product sales by
Pfizer. Pfizer will be responsible for manufacturing, product development and
marketing of any products developed through the collaboration.
"We enjoy working with Pfizer and are pleased that they are adding a third
antigen target to our collaboration," stated R. Scott Greer, president and
chief executive officer of Abgenix. "As interest in antibody-based products
and our XenoMouse technology continues to rise, we expect to announce a
continuing stream of deals with new and existing partners."
Antibodies are immune system proteins in the body that can combat many
diseases. As therapeutic products, monoclonal antibodies have several
potential advantages over other therapies. The highly specific interaction
between an antibody and its target may, for example, reduce unwanted side
effects that plague other therapies. In addition, human monoclonal antibodies
may persist in patients for several weeks as compared to hours or days for
traditional pharmaceuticals. Fully human monoclonal antibodies are desirable
because they avoid the risk of rejection present with mouse or part mouse
monoclonal antibodies.
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 collaboration with Pfizer
and the potential of antibodies as a treatment for various 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:
Kurt Leutzinger, Vice President and Chief
Financial Officer of Abgenix Inc., 510-608-6575
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