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To: 2MAR$ who wrote (8407)	7/24/2001 4:58:14 PM
From: 2MAR$	Respond to of 208838

Abgenix Inc Reports 2Q Results >ABGX Abgenix Reports Second Quarter 2001 Results FREMONT, Calif.--(BUSINESS WIRE)--July 24, 2001--Abgenix, Inc. (NASDAQ:ABGX) today reported a net loss of $14.8 million or $0.17 per share for the quarter ended June 30, 2001, compared to a net loss of $2.4 million or $0.03 per share for the quarter ended June 30, 2000. Contract revenues for the current quarter increased to $8.4 million from $3.5 million for the same quarter in 2000. Including interest income, total revenues for the current quarter increased to $16.0 million from $12.3 million for the same period in 2000. Abgenix ended the second quarter with approximately $575.4 million in cash, cash equivalents and short-term investments. In addition, Abgenix holds long-term investments, primarily equity in corporate partners, totaling $113.9 million. Recent company highlights included: -- Initiating a Phase II clinical trial of our lead cancer antibody, ABX-EGF, for kidney cancer; -- Expanding our existing technology license agreement with Centocor; -- Entering a new technology license agreement with Biogen; -- Forming a major target access collaboration with MDS Proteomics; and, -- Announcing the advancement into clinical trials by Amgen of a fully human antibody generated with Abgenix's technology. In addition, Abgenix has already accomplished its year-end goal of generating fully human antibody product candidates to 10 targets for technology license collaborators. "We continue to make progress in every area of our business," stated R. Scott Greer, chairman and chief executive officer of Abgenix. "We have entered Phase II clinical trials for two potential blockbuster drugs for cancer and inflammation, based on promising data in earlier trials. Construction of our manufacturing facility, with a planned capacity exceeding 100,000 grams per year, is on schedule to be operational by the end of 2002. Our product pipeline continues to build toward our goal of six XenoMouse(TM)-derived product candidates in clinical trials for numerous disease indications by the end of 2001. We have formed six new collaborations and expanded five existing relationships so far in 2001." Abgenix is a biopharmaceutical company focused on the development and commercialization of fully human monoclonal antibody therapies for a variety of diseases. The company's antibody technology platform, which includes XenoMouse(TM) and XenoMax(TM) technologies, enables the rapid generation and selection of high affinity, fully human antibody product candidates to essentially any disease target appropriate for antibody therapy. Abgenix leverages its leadership position in human antibody technologies by building a large and diversified product portfolio through the establishment of licensing arrangements with multiple pharmaceutical, biotechnology and genomics companies and through the development of its own internal proprietary products. For more information on Abgenix, visit the company's website at www.abgenix.com.