FREMONT, Calif., and NEW HAVEN, Conn., Dec. 9 /PRNewswire/ -- Abgenix,
Inc. (Nasdaq: ABGX), an antibody-based biopharmaceutical company and CuraGen
Corporation (Nasdaq: CRGN), an integrated genomics-based drug discovery and
development company, announced today the formation of a strategic alliance to
develop and commercialize genomics-based antibody drugs using XenoMouse(TM)
technology. This five-year alliance has been established to identify up to
120 fully human antibody drug candidates intended for treating a broad range
of complex diseases including cancer and autoimmune disorders. Antibodies to
cancer antigens in CuraGen's database will be generated exclusively with
Abgenix' XenoMouse technology during this alliance. Under the terms of this
agreement, Abgenix will purchase $15 million of CuraGen common stock and
CuraGen will provide research support payments of $1.5 million per year. In
addition, both companies will receive reciprocating milestone and royalty
payments for products resulting from this drug development alliance.
"Abgenix is impressed with CuraGen's technical capabilities with
integrated genomics-based drug discovery and development," stated R. Scott
Greer, president and CEO of Abgenix. "This strategic alliance complements our
existing relationship with Human Genome Sciences and significantly expands our
presence in the genomics field. We are also pleased to be joining Biogen and
Genentech as corporate partners with equity stakes in CuraGen."
"This strategic alliance changes the drug development landscape by
establishing a powerful platform for producing genomics-based antibody drugs
over a shorter period of time," stated Jonathan M. Rothberg, Ph.D., founder,
chairman, and CEO of CuraGen Corporation. "Abgenix has the leading technology
for developing fully human monoclonal antibody drugs. Through this
partnership, both companies will leverage CuraGen's suite of genomics
technologies and databases to systematically mine the genome to discover
appropriate drug targets against which to use the XenoMouse(TM) technology for
developing antibody drugs."
Antibodies are naturally occurring proteins used by the body's immune
system to combat many diseases. As therapeutic products, 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 may occur with other therapies. Fully human
antibodies are desirable because they avoid the risk of rejection present with
mouse or partial mouse antibodies.
About Abgenix, Inc.
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, infectious diseases, 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. For more information
on Abgenix, visit the company's Web site at http://www.abgenix.com.
About CuraGen Corporation
CuraGen Corporation is advancing the discovery and development of
pharmaceutical and life science products through the systematic application of
genomics. CuraGen's fully integrated, Internet-based genomics technologies,
services, and information systems are designed to rapidly generate
comprehensive information about genes, human genetic variations, gene
expression, biological pathways, and potential products that affect these
pathways. CuraGen's strategic collaborators include Abgenix, Biogen, COR
Therapeutics, Genentech, Glaxo Wellcome, Hoffmann-La Roche, and Pioneer
Hi-Bred International. The Company employs over 300 people and is
headquartered in New Haven, CT, with additional facilities in Branford, CT and
Alachua, FL. Additional Company information is available at
http://www.curagen.com.
This release may contain forward-looking statements that are subject to
certain risks and uncertainties, including the Company's ability to
successfully enhance and develop its technologies. Such statements are based
on management's current expectations and are subject to a number of factors
and uncertainties that could cause actual results to differ materially from
those described in the forward-looking statements. The Company cautions
investors that there can be no assurance that actual results or business
conditions will not differ materially from those projected or suggested in
such forward-looking statements as a result of various factors, including, but
not limited to, the following: the Company's early stage of development,
technological uncertainty and product development risks, uncertainty of
additional funding, reliance on research collaborations, competition, the
Company's ability to protect its patents and proprietary rights and
uncertainties relating to commercialization rights.
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
CONTACT:
Kurt Leutzinger, Vice President and Chief
Financial Officer of Abgenix, Inc., 510-608-6575; Marion E. Glick
of Porter Novelli, 212-601-8273; or Mark R. Vincent, Director,
Corporate Communications of CuraGen Corporation, 1-888-GENOMICS
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