ABGENIX REPORTS FIRST QUARTER RESULTS R. SCOTT GREER NAMED CHAIRMAN OF THE BOARD
FREMONT, Calif., Apr 25, 2000 /PRNewswire via COMTEX/ -- Abgenix, Inc. (Nasdaq:ABGX) reported a net loss of $3.4 million or $0.09 per share for the quarter ended March 31, 2000, compared with a net loss of $5.4 million or $0.22 per share for the quarter ended March 31, 1999. Revenues for the quarter, including interest income, were $6.3 million compared to $0.4 million in 1999. Deferred revenues increased during the quarter from $3.8 million to $13.4 million. The company ended the first quarter with $568 million in cash, cash equivalents and marketable securities.
follow-on public offering. "In the first quarter of the new millennium, we continued to build and advance our proprietary product pipeline, expanded our roster of corporate collaborations and completed one of the largest public financings in the biotech industry," said R. Scott Greer, chairman and CEO of Abgenix. "We now have both the capital and the disease target sources to generate a continuing stream of antibody product candidates."
In other news, Abgenix announced today that R. Scott Greer, the company's president and chief executive officer, has been appointed chairman of the board of directors replacing Stephen A. Sherwin, M.D., who has served as chairman since the company's founding in 1996. Dr. Sherwin will continue as a director of the board.
"Dr. Sherwin, the chairman and chief executive officer of Cell Genesys, Inc., our parent company, played a key role in the development of our core business and was a co-founder of Abgenix," stated Mr. Greer. "We are grateful for his guidance as chairman over the past four years and look forward to his continuing service on our board of directors."
"The appointment of Scott Greer as chairman recognizes the strong leadership he has provided to Abgenix during its first four years," stated Dr. Sherwin. "During this time, Abgenix has carried out multiple successful financings, moved three products into clinical trials, and formed collaborations with eighteen companies."
Abgenix was created as a wholly owned subsidiary of Cell Genesys (Nasdaq:CEGE) in July 1996. Since its founding, Abgenix has raised over $900 million in private and public equity financings, including approximately $210 million for Cell Genesys. Currently, Cell Genesys owns approximately 12% of Abgenix's outstanding shares.
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
www.abgenix.com. Abgenix 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 has collaborative arrangements with multiple pharmaceutical, genomics 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.
Three months ended
March 31
2000 1999
Revenues: (unaudited)
Contract revenues $1,965 $--
Interest income 4,341 395
Total revenues 6,306 395
Costs and Expenses:
Research and development 7,214 4,567
General and administrative 1,584 1,084
Amortization of intangible assets 777 --
Interest expense 114 133
Equity in losses in Xenotech joint venture -- 8
Total costs and expenses 9,689 5,792
Net loss ($3,383) ($5,397)
Net loss per share* ($0.09) ($0.22)
Shares used in computing net loss per share* 37,250 24,274
March 31, December 31,
Balance Sheet 2000 1999
(in thousands) (unaudited)
Cash, cash equivalents and
marketable securities $568,003 $58,012
Property and equipment, net 5,253 5,300
Long-term investment 39,176 29,225
Intangible assets, net 45,814 46,591
Other assets 4,825 9,413
Total assets 663,071 148,541
Deferred revenue 13,367 3,767
Other current liabilities 6,286 7,143
Long-term debt and other 296 571
Stockholders' equity 643,122 137,060
Total liabilities and stockholders' equity $663,071 $148,541
* After giving effect to the two for one stock split effective
April 6, 2000
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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CONTACT: Kurt Leutzinger, Chief Financial Officer of Abgenix Inc.,
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/Company News On-Call:
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800-758-5804, ext. 126548
WEB PAGE:
www.abgenix.com GEOGRAPHY: California
INDUSTRY CODE: MTC
BIO
SUBJECT CODE: ERN
PER
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