Time for a 2003 thread ?
FREMONT, Calif., Feb. 18 /PRNewswire-FirstCall/ -- SangStat Medical Corporation (Nasdaq: SANG - News) and Abgenix (Nasdaq: ABGX - News) disclosed today that Phase II/III study results indicate ABX-CBL demonstrated a survival rate at 180 days in patients with acute steroid-resistant graft vs. host disease (GVHD) that was similar to Atgam® (anti-Thymocyte globulin, equine, Pharmacia), the study's control arm. ABX-CBL is a murine anti-CD147 monoclonal antibody in co-development by Abgenix and SangStat. The study was designed to demonstrate superior survival with ABX-CBL, and, therefore, did not meet its primary endpoint. The companies do not plan further development of ABX-CBL.
"The ABX-CBL study results are unambiguous, and SangStat intends to focus its current efforts in the bone marrow transplant arena on Thymoglobulin," said Richard D. Murdock, Interim Chairman, President and CEO at SangStat. "While we are disappointed that the results were not favorable, turning off the ABX-CBL program will allow SangStat to channel all our resources toward our internal development programs."
"ABX-CBL was an in-licensed murine antibody which was being developed for a small market, the approximately 2,000 patients per year in the United States who contract steroid-resistant GVHD. Thus, it was not expected to make a large contribution to the future profitability of Abgenix, though we are disappointed that this patient group will not be receiving a therapeutic benefit," said Raymond Withy, Ph.D., president and chief executive officer of Abgenix. "We will continue to focus our clinical efforts on ABX-EGF, our lead cancer product candidate, and on building our integrated fully human antibody discovery, development and manufacturing business."
SangStat reiterates its financial guidance for 2003 of $0.35 - $0.45 EPS. SangStat intends to redirect any resources earmarked for ABX-CBL toward the ongoing development of Thymoglobulin® (anti-Thymocyte globulin), the Company's successful rabbit polyclonal antibody. |
