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Biotech / Medical : Biotech Valuation

CRSP 51.11

-2.1%

3:59 PM EST

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To: Icebrg who wrote (13132)	9/27/2004 9:49:35 AM
From: Icebrg	Read Replies (1) of 52153

ABGX @ UBS The company's new CEO Mr. Ringo managed his "presentation" in a mere 15 minutes. So, now we know why his predecessor Withy was always talking so extremely slowly. There simply isn't much to tell about this company. There were - as far as I could tell - no new news during the presentation. Well, there should be some "results" from the stage I, single dose trial for ABX-PTH coming out at a conference next week. But that will hardly be something moving the share price. And ABX-MA1 will be offered to AZN for a look under the collaboration agreement. Apart from that - nothing. Maybe a little bit more than the normal dash of criticism directed towards Withy for having mismanaged the company. Already after four weeks "in control" Ringo claims to know what has to be done to improve the company's overall efficiency. Given of course that Abgenix has put itself in a very tight spot. Their most advanced product is under tight control by Amgen. Their broad anti-cancer efforts are controlled by Astra-Zeneca. And their very expensive production facility appears to be idling. Erik

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