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AMERICAN BIOGENETIC SCIENCES CEO SENDS UPDATE LETTER TO SHAREHOLDERS

 AMERICAN BIOGENETIC SCIENCES CEO SENDS UPDATE LETTER TO SHAREHOLDERS
 COPIAGUE, N.Y., June 22 /PRNewswire/ -- The following letter was sent to American Biogenetic Sciences, Inc., stockholders from the company's chairman and CEO, Alfred J. Roach, as an update on Friday, June 19:
 This letter has two purposes: First, it will provide a brief summary of our annual meeting on June 5 for those of you who were unable to attend it, and give you some sense of the scope and excitement of our technological development and progress during the past year. Those very positive accomplishments provide a firm foundation for what we can and plan to do in the future. Second, it will bring you up to date on a recent well publicized senior management change at ABS.
 The Annual Meeting
 The 1992 annual meeting was well attended, which provides positive indication of the support which ABS enjoys from both its shareholders and the professional financial and investment community. All pro forma items on the agenda -- such as the election of directors and appointment of auditors -- were approved, and the substantive discussions were focused on the company's future. Here are some of the highlights:
 -- Cash position. It's gratifying to report that ABS is in an excellent financial position with over $23 million in cash and no debt. With this financial base, products under development are being accelerated towards commercialization. We have retained the services of an international consulting group with the academic knowledge and operating experience to expedite this process.
 -- "CadKit Progress." FDA clearance of the company's patented first commercial product "CadKit" was received in 1991. A license agreement with Yamanouchi Pharmaceutical Co., Ltd., on the automated version of "CadKit" was recently announced. Our senior research associate is currently in Japan ensuring the smooth transition of the manual version to the automated assay. "CadKit" measures fibrinogen in the patient's blood. This component has been shown in numerous medical studies to be a greater indicator of impending heart disease than cholesterol, smoking or obesity.
 -- Fibrin-specific monoclonal antibody. ABS received a patent covering this exciting and promising blood clot detection antibody. We continue to make progress in the product development with the fibrin- specific monoclonal antibody and expect to enter clinical trials within the planned timeframe. Please see the enclosed reprint from the June 15 issue of Barron's for more details on U.S. Patent No. 5,120,834.
 -- Breast cancer detection. We are pleased to report to you that ABS has acquired worldwide rights to a patent-pending screening method to determine a predisposition to breast cancer among women. The method is non-invasive and gene-based. Because the test searches for a particular DNA pattern, females of any age, including newborns, can be screened.
 Professors Fred Given and Denis Headon, who made the breakthrough, are associated with the National Breast Cancer Research Institute in Galway, Ireland. They have stated that their method involves the detection of a distinct genetic lesion that -- coupled with the complex interaction of other physiological factors -- may predispose a woman to breast cancer. This early detection of the predisposition to the cancer will allow steps to be taken that may be effective in minimizing the effects of the disease if it occurs or, ultimately, in preventing its occurrence altogether. Cancer of the breast is the second leading killer among all cancers in women, and a diagnostic for predicting its occurrence early in life has a potentially huge global market.
 -- Alzheimer's disease. ABS' diagnostic work for the early onset of this disease is progressing nicely, and is well within our planning parameters.
 -- Hepatitis A. The same kind of progress can be noted for our work to develop a vaccine for this disease. We are actively negotiating with a major international company to license our vaccine technology.
 Management Change
 Mr. Nordhoff's resignation has not adversely affected ABS' ability to forge ahead with its promising research and product developments. As ABS' founder and chairman, I have resumed the day-to-day running of the company until we can recruit a new president, who will be a qualified, experienced executive with the ability to sustain and improve ABS' high level of excellence. That recruitment process is already underway.
 In the interim, I am fortunate to have the support of a dedicated and experienced staff, most of whom have been with the company since its founding. Together, and with your continued support, we will continue to run the business smoothly and efficiently.
 /end of letter/
 -0- 6/22/92
 /CONTACT: Fran Giambanco of ABS, 516-789-2600; or Phil Fried of the Dilenschneider Group, 212-922-0900, for ABS/
 (MABX) CO: American Biogenetic Sciences, Inc. ST: New York IN: MTC SU:


GK-OS -- NY014 -- 2267 06/22/92 09:48 EDT
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Date:Jun 22, 1992
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