ABGX Abgenix (MM)

Abgenix and Genentech Extend Antibody Technology Licensing Agreement FREMONT, Calif., March 14 /PRNewswire-FirstCall/ -- Abgenix, Inc. (NASDAQ:ABGX) announced today that Genentech, Inc. (NYSE:DNA) has exercised its option to extend its technology licensing agreement with Abgenix for an additional three years. Under the extended agreement, Genentech will have access to Abgenix's proprietary antibody generation technology. As a condition of exercising the option, Genentech has purchased Abgenix common stock representing less than one percent of Abgenix's outstanding common stock through a private placement subject to future registration. Abgenix may also receive future milestone payments and fees as antibody programs advance through the collaboration, as well as future royalties on any products that may be successfully commercialized by Genentech. "We are pleased with Genentech's decision to extend our agreement as we feel it demonstrates the potential of our XenoMouse(R) technology," said Gayle Mills, Senior Vice President of Business Development at Abgenix. "We look forward to working with Genentech to leverage our technology to support their research and development activities." In 1999 Genentech signed an agreement with Abgenix to license the Abgenix technology. Under the agreement Abgenix provides Genentech with the XenoMouse technology for use in Genentech's product development activities. Abgenix is a biopharmaceutical company focused on the discovery, development and manufacturing of human therapeutic antibodies. Several antibodies generated with the company's proprietary technology are currently in the clinical phase of development, including the company's lead antibody candidate, panitumumab, an antibody to the epidermal growth factor receptor (EGFr) that is currently in pivotal clinical trials as a third line treatment for metastatic colorectal cancer. Abgenix is codeveloping panitumumab with Amgen, Inc. 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 through the establishment of collaborations with multiple pharmaceutical and biotechnology companies. For more information on Abgenix, visit the company's website at http://www.abgenix.com/. This press release contains forward-looking statements about Abgenix's technologies, product development activities, collaborative arrangements, projected financial and operating results, and achievement of milestone or similar payments or other revenues. Such statements are subject to a number of uncertainties that could cause actual results to differ materially from the statements made, including risks associated with the success of clinical trials, the progress of research and product development programs, product manufacturing, regulatory approval processes and meeting requirements for regulatory approval, competitive products and services, capital requirements and the extent and breadth of Abgenix's patent portfolio, and other factors set forth in Abgenix's public filings with the Securities and Exchange Commission, including the risks described in Abgenix's quarterly report on Form 10-Q for the quarter ended September 30, 2004 and annual report on Form 10-K for the year ended December 31, 2003. Abgenix is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements. DATASOURCE: Abgenix, Inc. CONTACT: Ami Knoefler, Senior Director, Corporate Communications and Investor Relations, of Abgenix, Inc., +1-510-284-6350, or +1-510-284-6605 Web site: http://www.abgenix.com/

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