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Biotech / Medical : Abgenix, Inc. (ABGX)

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From: mopgcw	4/5/2005 5:22:33 AM
	of 590

SSB: OPINION We provide a summary of key takeaways from our Smith Barney Health Care Conference for select biotechnology names based on company presentations and dinneres as well as from panel discussions. The Smith Barney Health Care Equity Research team will conduct a investor conference call on Monday, April 4th, at 10:00AM EST to discuss our conclusions from the conference. The dial- in number is 1-800-229-0281 for U.S.-based clients and 1-706-645-9237 for International clients. A replay of the conference call will be available and may be accessed by dialing 1-800-642-1687 for U.S.-based clients and 1-706-645- 9291 for International clients, passcode 3719344. Abgenix (ABGX-$6.86, 2S). Company management reiterated that it and its partner, Amgen, remain on track for a regulatory filing for panitumumab (ABX- EGF) as a third-line treatment for metastatic colorectal cancer in the second half of this year. Recently, the companies indicated that enrollment had been completed in the European Phase III study while enrollment continues in the U.S. Phase III study. As a reminder, the companies met with the FDA in December 2004 and received positive reinforcement that a regulatory submission based on one pivotal study and other data would be sufficient. We note that our physician panel on Solid Tumors indicated that if panitumumab were to demonstrate equivalent efficacy to ImClone/Bristol-Myers Squibb's Erbitux, that panitumumab would replace Erbitux as the EGFR monoclonal antibody of choice. This is primarily due to the lower infusion reactions (better safety profile) and potentially greater administration flexibility with panitumumab as compared to Erbitux. Data from an ongoing Phase II study of panitumumab and standard chemotherapy in advanced lung cancer are expected in the second half of this year. Our physician panel indicated that preliminary results indicated that panitumumab with standard chemotherapy was demonstrated to be safe but with too early data to provide any clear evidence on the magnitude of efficacy.

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