Reuters -
...Withy said the company, which now has two XenoMouse-derived antibodies in human clinical trials, expects to have 11 product candidates in the clinic by the end of next year, with 7 of those in the mid- to late stage of testing in humans. By the end of 2003, Abgenix aims to have 18 products in the clinic, with 11 in late-stage testing for their effectiveness in 20 different disease indications.
``The scale of pipeline growth is unprecedented in the biotech industry,'' Withy said.
The company also plans to boost its payroll from a projected 350 at the end of this year to 600 or 700 employees by the end of next year, Withy said.
``With the doubling of staff, we would expect to see a doubling, at least, of compensation. With relation to our cash balance, I think it is still a very manageable level,'' he said.
Abgenix, which reported a third-quarter net loss of $22.6 million, said it will issue updated financial guidance early next year. The company ended the third quarter with a cash balance of $540 million... |
