Abgenix to Receive Milestone Payment from Pfizer for Third IND from Ongoing Collaboration.Business Editors/Health/Medical Writers FREMONT, Calif.--(BUSINESS WIRE)--Jan. 30, 2004 Abgenix, Inc. (Nasdaq:ABGX) announced today that it will receive a milestone payment from Pfizer (NYSE NYSE See: New York Stock Exchange :PFE 1. (text, editor) PFE - Programmer's File Editor. 2. (language) PFE - Portable Forth Environment. ), triggered by Pfizer's recent filing of an Investigational New Drug (IND) application with the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. . The IND filing by Pfizer is the third antibody product candidate to enter clinical studies from the companies' ongoing antibody research collaboration. Abgenix and its partners have now entered seven fully human antibodies into clinical trials. "Our productive collaboration with Pfizer validates Abgenix's ability to generate viable antibody product candidates," said Ray Withy with·y adj. 1. Made of or as flexible as withes; tough. 2. Wiry and agile. n. pl. with·ies 1. A rope or band made of withes. 2. a. , Ph.D., president and chief executive officer of Abgenix. "We continue to develop a diversified pipeline that can deliver on the promise of antibodies in multiple therapeutic areas." Abgenix's alliance with Pfizer began in December 1997 to provide Pfizer a license to Abgenix's antibody generation technology. The collaboration has since been expanded several times and now includes multiple antibody programs at Pfizer. Pfizer retains full development and commercialization rights to products resulting from the collaboration. Abgenix is entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to license fees, milestone payments and royalties on product sales. About Abgenix Abgenix is a biopharmaceutical company focused on the discovery, development and manufacturing of human therapeutic antibodies. The company's antibody development platform includes a leading technology and state-of-the-art manufacturing capabilities that enable the rapid generation, selection and production of high affinity, fully human antibody product candidates to a variety of disease targets. Abgenix leverages its leadership position in human antibody technology to build a diversified product portfolio through the establishment of collaborations with multiple pharmaceutical and biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. . For more information on Abgenix, visit the company's website at www.abgenix.com. Statements made in this press release about Abgenix's technologies, product development activities, collaborative arrangements and manufacturing activities, other than statements of historical fact, and about its projected financial results, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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, product manufacturing, the regulatory 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 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. |
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