Tuesday July 25, 7:02 am Eastern Time
Company Press Release
SOURCE: Abgenix, Inc.
Abgenix Reports Second Quarter 2000 Results
FREMONT, Calif., July 25 /PRNewswire/ -- Abgenix, Inc.
(Nasdaq: ABGX - news) reported a net loss of $2.4 million or
$0.03 per share for the quarter ended June 30, 2000,
compared with a net loss of $3.6 million or $0.06 per share
for the quarter ended June 30, 1999. Contract revenues for
the quarter were $3.5 million compared to $1.7 million for
the same quarter in 1999. The deferred revenue balance at
the end of the quarter was $12.5 million. The company ended
the second quarter with $555 million in cash, cash
equivalents and short-term investments.
Second quarter company highlights included:
Entering XenoMouse(TM) technology collaborations with
SmithKline Beecham and Abbott.
Abgenix now has 21 partners, Announcing the second stock
split for the year,
Strengthening its intellectual property with the issuance of
a second patent for XenoMouse technology,
Announcing new key hires: VPs of Manufacturing, Product
Discovery and Process Sciences, and
Entering a collaboration with Genzyme Transgenics (GTC) to
produce ABX-IL8, Abgenix's fully human antibody in Phase II
clinical trials for psoriasis, using GTC's transgenic
manufacturing system.
In addition, Abgenix recently announced an important drug
discovery collaboration with Lexicon Genetics, a functional
genomics company, to develop fully human antibody therapies
using Lexicon's knockout-validated gene drug targets.
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 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.
NOTE: 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 which may affect Abgenix.
STATEMENT OF OPERATIONS
(in thousands except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, 2000 June 30, 2000
2000 1999 2000 1999
Revenues:
Contract revenues $3,478 $1,720 $5,443 $1,720
Interest income 8,781 797 13,122 1,192
Total revenues 12,259 2,517 18,565 2,912
Costs and Expenses:
Research and development 11,912 5,312 19,126 9,878
General and administrative 1,805 1,210 3,390 2,295
Amortization of intangible
assets 777 -- 1,553 --
Equity in income from
Xenotech joint venture -- (548) -- (540)
Interest expense 185 111 300 244
Total costs and expenses 14,679 6,085 24,369 11,877
Net loss ($2,420) ($3,568) ($5,804) ($8,965)
Basic and diluted net loss
per share * ($0.03) ($0.06) ($0.07) ($0.17)
Shares used in computing
basic and diluted
net loss per share 80,545 59,664 77,522 54,216
June 30, December 31,
BALANCE SHEET 2000 1999
(unaudited)
Cash, cash equivalents
and marketable securities $555,537 $56,909
Other current assets 15,233 10,114
Total current assets 570,770 67,023
Property and equipment, net 6,254 5,300
Long-term investment 31,896 29,225
Intangible assets, net 45,038 46,591
Deposits & other assets 708 402
Total assets $654,666 $148,541
Deferred revenue $12,539 $3,767
Other current liabilities 6,606 7,143
Total current liabilities 19,145 10,910
Long-term debt and other 240 571
Stockholders' equity: 635,281 137,060
Total liabilities and
stockholders' equity $654,666 $148,541
* After giving effect to both of the two-for-one stock splits effective
April 6, 2000 and July 7, 2000.
SOURCE: Abgenix, Inc. |
