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Biotech / Medical : Abgenix, Inc. (ABGX)

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From: Icebrg	1/12/2005 1:18:15 PM
	of 590

Abgenix to Receive Milestone Payment from Chiron for Advancement of Oncology Antibody Wednesday January 12, 12:47 pm ET Tenth XenoMouse Antibody Advances to the Clinical Phase FREMONT, Calif.--(BUSINESS WIRE)--Jan. 12, 2005--Abgenix, Inc. (Nasdaq:ABGX - News) announced today that the company will receive a milestone payment from Chiron Corporation triggered by Chiron's filing of an Investigational New Drug Application (IND) with the U.S. Food and Drug Administration (FDA) for the novel oncology compound CHIR-12.12, a fully human antagonist antibody targeting CD40. The antibody was created by Chiron using proprietary XenoMouse® technology licensed from Abgenix. "This milestone highlights the overall recent progress from our technology licensing programs," said Bill Ringo, president and chief executive officer of Abgenix. "We are also pleased to see our technology as the source of product candidates that address significant unmet medical needs." Under the terms of its license agreement with Abgenix, Chiron is responsible for all development and commercialization of any products resulting from Chiron's use of the XenoMouse technology. Abgenix may receive additional milestone payments plus royalties on future product sales by Chiron.

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