Company Expands Potential for Novel Antibody-Based Therapies With
Intracellular Targeting Technology
FREMONT, Calif., Nov. 14 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
announced today that it acquired IntraImmune Therapies, Inc., a privately-held
biotechnology company in Cambridge, Mass. for $9 million cash. IntraImmune
has developed technologies that would allow antibodies to gain access to
intracellular targets. Currently, antibody-based therapies are limited to
extracellular targets like soluble proteins or cell surface receptors.
Intracellular targets, potentially more numerous than extracellular targets,
have heretofore been the domain of small molecule therapies. Abgenix believes
that IntraImmune's technologies offer the potential to dramatically increase
the range of potential targets appropriate for antibody therapy.
IntraImmune's technologies were developed by scientific founder Dr. Wayne
Marasco of the Dana-Farber Cancer Institute and are the subject of issued
patents and pending patent applications.
"Abgenix is very excited by the potential to combine our XenoMouse(TM)
human antibody technology with IntraImmune's intracellular delivery system,"
said R. Scott Greer, chairman and CEO of Abgenix. "While significant work
remains to fully realize the potential of the IntraImmune technologies, we now
have an opportunity to greatly expand the reach of antibody therapies. The
market expansion potential afforded by allowing antibodies to reach
intracellular targets is tremendous."
With IntraImmune's proprietary technologies, antibodies not only gain
access to the inside of the cell but can also be targeted to specific
compartments within the cell. This is accomplished by attaching specific gene
sequences to the antibody that serve as delivery signals to direct the
antibody to a predetermined location within the cell. In this way,
intracellular targets that are normally sequestered can be accessed and
neutralized by the antibodies. Because the antibodies themselves are
ultimately metabolized and presented to the immune system, it is important
that the antibodies be fully human so as not to cause unwanted immune
reactions. The use of fully human antibodies derived from XenoMouse combined
with IntraImmune's technologies could allow the full potential of
intracellular targeting to be realized.
"After evaluating a number of strategic partners, IntraImmune believes
that merging with Abgenix maximizes the chance of this technology being fully
developed and commercialized," stated Dana Ono, president and CEO of
IntraImmune. "Our scientific founder and I are very impressed with the
Abgenix research team and vision."
IntraImmune's operations, currently very limited, will be phased out as
work on the technologies is transferred to Abgenix. To account for the
purchase transaction, Abgenix will incur a small one-time charge in the fourth
quarter and will amortize the remainder of the purchase price as goodwill.
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, visit the
company's Web site at http://www.abgenix.com.
Statements made in this press release about Abgenix's XenoMouse
technology, IntraImmune's 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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CONTACT:
Ina Cu-Unjieng, Manager, Investor and Public
Relations of Abgenix, 510-608-4662
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