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Abgenix Reaches Milestone in Antibody Collaboration With Amgen; Fully Human Antibody Generated with Abgenix's Technology in Clinical Trials.

Business/Biotech Editors

FREMONT, Calif.--(BUSINESS WIRE)--July 10, 2001

Abgenix, Inc. (NASDAQ: ABGX) today announced that Amgen Inc. (Amgen) has advanced into clinical trials a fully human antibody generated with Abgenix's technology. This milestone triggers an undisclosed payment to Abgenix.

"We are pleased with the productivity of our collaboration with Amgen, which has resulted in the rapid advancement of this product candidate. Four fully human antibodies derived from Abgenix technology are in human clinical trials, including two of our own," said R. Scott Greer, chairman and chief executive

officer of Abgenix. "We believe our fully human antibody platform will continue to provide new and important antibody therapies for various diseases."

Abgenix's research collaboration with Amgen began in April 1999 for Abgenix to use its technology to generate fully human monoclonal antibody candidates to undisclosed antigen targets supplied by Amgen during the five-year term of the alliance. Amgen will be responsible for product development, manufacturing and marketing of any products developed through the collaboration. Abgenix will receive upfront research payments and could receive license fees, milestone payments plus royalties on any future product sales by Amgen.

Antibodies are naturally occurring proteins used by the body's immune system 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 focused on the development and commercialization of fully human monoclonal antibody therapies for a variety of diseases. The company's antibody technology platform, which includes XenoMouseXenoMax(TM) technology, enables the rapid generation and selection of high affinity, fully human antibody product candidates to essentially any disease target appropriate for antibody therapy. Abgenix leverages its leadership position in human antibody technologies by building a large and diversified product portfolio through the establishment of licensing arrangements with multiple pharmaceutical, biotechnology and genomics 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 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.
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Publication:Business Wire
Geographic Code:1USA
Date:Jul 10, 2001
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