Abgenix Reports First Quarter 2001 Results.Business Editors/Health & Medical Writers FREMONT Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. , Calif.--(BW HealthWire)--April 24, 2001 Abgenix, Inc. (Nasdaq:ABGX) today reported a net loss of $7.6 million or $0.09 per share for the quarter ended March 31, 2001, compared to a net loss of $3.4 million or $0.05 per share for the quarter ended March 31, 2000. Contract revenues for the current quarter increased to $4.2 million from $2.0 million for the same quarter in 2000. Including interest income, total revenues for the current quarter increased to $14.5 million from $6.3 million for the same period in 2000. Abgenix ended the first quarter with approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $631.6 million in cash, cash equivalents and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments. In addition, Abgenix holds long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. investments, primarily equity in corporate partners, totaling $64.0 million. First quarter company highlights included: -- Presenting the Phase IIa clinical trial results of ABX-IL8 at the American Academy of Dermatology meeting, showing that ABX-IL8 is associated with statistically significant improvement in plaque psoriasis and has an excellent safety profile, -- Announcing preclinical results at the American Association for Cancer Research meeting of ABX-IL8 showing anti-angiogenic and anti-tumor activity in melanoma cells, -- Initiating a Phase IIb clinical trial of ABX-IL8 in psoriasis, -- Entering a manufacturing supply agreement with Lonza Biologics for the exclusive use of a dedicated cell culture production suite at their facility in Slough, England, -- Entering an agreement to license Celltech the rights to use our SLAM (Selected Lymphocyte Antibody Method) technology, the high throughput antibody selection technology we obtained from the acquisition of ImmGenics, -- Expanding our existing XenoMouse license agreements with Pfizer, Amgen and Chiron, -- Entering XenoMouse(TM)technology collaborations with Diabetogen, and with a joint venture of Progenics and Cytogen, -- Entering a second collaboration with Lexicon Genetics to validate potential drug targets for our discovery and development of therapeutic human antibodies, -- Entering a collaboration with Dyax to develop a new technology that will combine our XenoMouse transgenic mouse antibody generating technology with Dyax's phage display technology to create libraries of high affinity, fully human antibody sequences, -- Receiving a fourth U.S. patent grant relating to XenoMouse technology, and -- Announcing the promotion of Ray Withy, Ph.D. to president and chief operating officer, and the addition of Susan Thorner as vice president, general counsel and secretary. Abgenix is a biopharmaceutical company focused on the development and commercialization of fully human monoclonal antibody therapies Monoclonal antibody therapy is the use of monoclonal antibodies (or Mab) to specifically target cells. The main objective is stimulating the patient's immune system to attack the malignant tumor cells and the prevention of tumor growth by blocking specific cell receptors. for a variety of diseases. The company's antibody antibody, protein produced by the immune system (see immunity) in response to the presence in the body of antigens: foreign proteins or polysaccharides such as bacteria, bacterial toxins, viruses, or other cells or proteins. technology platform, which includes XenoMouse(TM) technology, enables the rapid generation and selection of high affinity The relationship that a person has to the blood relatives of a spouse by virtue of the marriage. The doctrine of affinity developed from a Maxim of Canon Law that a Husband and Wife were made one by their marriage. There are three types of affinity. , fully human antibody product candidates to essentially any disease target appropriate for antibody therapy antibody therapy Clinical immunology Any therapeutic intervention in which a monoclonal or other concentrated antibody is used to manage a condition–eg, cancer or severe infection . Abgenix leverages its leadership position in human antibody technology by building a large and diversified diversified (di·verˑ·s product portfolio through the establishment of licensing arrangements with multiple pharmaceutical, biotechnology biotechnology, the use of biological processes, as through the exploitation and manipulation of living organisms or biological systems, in the development or manufacture of a product or in the technological solution to a problem. and genomics ge·no·mics n. The study of all of the nucleotide sequences, including structural genes, regulatory sequences, and noncoding DNA segments, in the chromosomes of an organism. companies and through the development of its own internal proprietary products. For more information on Abgenix, visit the company's website at www.abgenix.com. Statements made in this press release about Abgenix's XenoMouse technology, product development activities and collaborative col·lab·o·rate intr.v. col·lab·o·rat·ed, col·lab·o·rat·ing, col·lab·o·rates 1. To work together, especially in a joint intellectual effort. 2. 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 reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approval process, competitive products, future capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. and the extent and breadth Breadth The percentage of assets or stocks advancing relative to those unchanged or declining. Also the number of independent forecasts available per year. A stock picker forecasting returns to 100 stocks every quarter exhibits a breadth of 400, assuming each forecast is 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.
SELECTED UNAUDITED FINANCIAL INFORMATION
CONSOLIDATED STATEMENT OF
OPERATIONS DATA Three Months Ended
(in thousands except per share data) March 31,
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2001 2000
Revenues:
Contract revenues $ 4,176 $ 1,965
Interest income 10,306 4,341
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Total revenues 14,482 6,306
Costs and Expenses:
Research and development 16,760 7,214
General and administrative 3,065 1,584
Amortization of intangible assets 2,046 777
Interest expense 255 114
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Total costs and expenses 22,126 9,689
Net loss $ (7,644) $ (3,383)
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Basic and diluted net loss per share $ (0.09) $ (0.05)
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Shares used in computing basic and diluted
net loss per share 85,661 74,772
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CONSOLIDATED BALANCE SHEET DATA March 31, December 31,
(in thousands) 2001 2000
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Cash, cash equivalents
and marketable securities $631,578 $692,883
Other current assets 21,613 25,155
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Total current assets 653,191 718,038
Property and equipment, net 25,975 18,374
Long-term investment 64,084 79,181
Intangible assets, net 115,950 117,997
Deposits & other assets 6,468 3,210
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Total assets $865,668 $936,800
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Deferred revenue $ 5,554 $ 6,978
Other current liabilities 9,617 14,151
Acquisition liabilities 31,660 75,429
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Total current liabilities 46,831 96,558
Deferred rent 722 567
Stockholders' equity 818,115 839,675
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Total liabilities and stockholders' equity $865,668 $936,800
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