FREMONT, Calif., Dec. 22 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
today announced the United States Federal Trade Commission (FTC) has granted
early termination of the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 with respect to its acquisition of the 50% interest
of JT America, Inc. in the XenoMouse(TM), a leading technology for generating
fully human antibody drugs useful in treating a wide range of diseases. The
acquisition is expected to close by year-end.
Sole ownership of XenoMouse by Abgenix will facilitate the significant
increase in the number of antibody-based drug candidates expected to
be developed by Abgenix and its partners resulting from its
recently announced multi-year, multi-target collaborations with
Human Genome Sciences, Inc. (Nasdaq: HGSI) and Curagen (Nasdaq: CRGN).
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 for graft-versus-host disease, psoriasis,
rheumatoid arthritis, and cancer.
Antibodies are naturally occurring proteins that the body's immune system
uses 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.
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, infectious diseases, and cancer. 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, 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; or Marion E.
Glick of Porter Novelli, 212-601-8273, for Abgenix Inc.
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