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Biotech / Medical : HuMAB companies

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To: Icebrg who wrote (421)	10/29/2002 10:59:07 AM
From: Icebrg	Read Replies (1) of 1022

Abgenix are saying today (in the CC) that they are scaling down their operations. They will lay off about 15 % of their work-force. They have 400 mUSD on the balance sheet, but seem to think this is on the low side. No more INDs during this year. In the future partnering of ABGX's product candidates will take place already at the pre-clinical stage (!). They will try to leverage their manufacturing capacity in support of their partnering strategy. Amgen has told them that they (i.e. Abgenix) will not be allowed (sort of) to release any news on the progress of ABX-EGF. Erik Edit. They have 200 mUSD worth of convertible debt on the balance sheet. Due March 15, 2007. That's probably why they feel thay have to start pulling the brakes already now. A big mistake to issue convertibles it seems. A number of companies have a lot of problems with them, as conversion rates seem un-attainable. And then you can simply not spend the funds raised. Abgenix conversion is supposed to take place at a share price of 27,58.

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