Abgenix Announces First Quarter 2005 Financial Results
Tuesday April 26, 4:00 pm ET
FREMONT, Calif., April 26 /PRNewswire-FirstCall/ -- Abgenix, Inc. (Nasdaq: ABGX - News) today reported financial results for the first quarter ended March 31, 2005.
For the quarter ended March 31, 2005, the company reported a net loss of $42.6 million, or $0.48 per share, compared to a net loss of $41.6 million or $0.47 per share for the same period in 2004. Net cash used in operating activities in the first quarter of 2005 was $15.2 million. The company ended the quarter with $400.7 million in cash, cash equivalents and marketable securities.
"In the first quarter of 2005, we continued to focus on preparing for the potential BLA submission for panitumumab. We have contained overall costs by offsetting our increasing spend on panitumumab with cost reductions in other areas of the company," said Bill Ringo, president and CEO of Abgenix.
Revenues for the first quarter of 2005 were $2.7 million, compared to $2.9 million for the same period in 2004. Contract revenues for the quarter ended March 31, 2005 primarily consisted of milestones and fees from technology licensing agreements, including a milestone from Amgen for advancing a XenoMouse®-derived fully human antibody into the clinic. The company's revenues typically result from milestone payments and fees associated with various collaborations and technology licensing agreements.
Operating expenses for the first quarter of 2005 were $44.9 million, compared to $44.5 million for the same period in 2004. The majority of first quarter 2005 research and development costs related to advancement of the company's proprietary clinical product candidates, including its lead oncology product candidate, panitumumab, and ABX-PTH, a fully human antibody for the potential treatment of secondary hyperparathyroidism (SHPT). Included in both periods were manufacturing start-up costs related to the company's antibody production facility. A portion of the costs associated with this facility will continue to be classified as manufacturing start-up costs until the facility is operating at normal capacity.
First quarter 2005 and recent company highlights include:
* Announcement of the completion of patient enrollment by Amgen in a
pivotal trial evaluating panitumumab as monotherapy for metastatic
colorectal cancer patients who have failed standard chemotherapy.
* Exercise by Genentech Inc. of its option to extend its technology
licensing agreement with Abgenix for three additional years, by
which Genentech will have access to the company's proprietary
antibody generation technology.
* Presentation of three abstracts on panitumumab at the recent
Association for Cancer Research (AACR) meeting, which took place
April 16-20 in Anaheim, California. The data presentations further
characterize the biological activity of panitumumab.
* Appointment of Don Joseph as Senior Vice President, General Counsel
and Secretary.
Upcoming ASCO Presentations
Two abstracts on panitumumab will be presented at the 41st American
Society of Clinical Oncology (ASCO) annual meeting May 13-17 in Orlando,
Florida. These include:
* "Updated Results from a Dose and Schedule Study of Panitumumab (ABX-
EGF) Monotherapy, in Patients with Advanced Solid Malignancies" will
be presented on Sunday, May 15 from 8:00 a.m. to 12:00 p.m. during
the General Poster Session; and
* "Safety and Efficacy of Panitumumab Monotherapy in Patients with
Metastatic Colorectal Cancer (mCRC)" will be presented during a
Poster Discussion on Tuesday, May 17 from 8:00 a.m. to 12:00 p.m.
Conference call information
Abgenix will hold a conference call today at 1:30 p.m. PT, 4:30 p.m. ET, to discuss financial results. To participate in the teleconference, please dial 866-761-0748 fifteen minutes before the conference begins. International callers should dial 617-614-2706. The pass code is 89600730. The call will also be webcast live at www.abgenix.com. A replay of the call will be available until May 10, 2005 on the company's website or by dialing 888-286-8010. International callers should dial 617-801-6888. The replay participant code is 86920645.
About Abgenix
Abgenix is a biopharmaceutical company focused on the discovery, development and manufacturing of human therapeutic antibodies. The company's antibody development platform includes a leading technology and state-of-the- art manufacturing capabilities that enable the rapid generation, selection and production of high affinity, fully human antibody product candidates to a variety of disease targets. Abgenix leverages its leadership position in human antibody technology to build a diversified product portfolio through its own development efforts and the establishment of collaborations with multiple pharmaceutical and biotechnology companies. For more information on Abgenix, visit the company's website at www.abgenix.com. |
