Abgenix Announces First Quarter 2005 Financial Results
26 April 2005 - 11:00PM
PR Newswire (US)
Abgenix Announces First Quarter 2005 Financial Results FREMONT,
Calif., April 26 /PRNewswire-FirstCall/ -- Abgenix, Inc.
(NASDAQ:ABGX) 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(R)-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 http://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 http://www.abgenix.com/. Certain statements in this
press release are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These include forward-looking
statements about Abgenix's technologies, product development
activities, clinical trials and clinical trial results, the
potential submission of a biologic license application for
panitumumab, collaborative arrangements, process sciences and
manufacturing activities, projected financial and operating
results, and achievement of milestone or similar payments or other
revenues. All 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
conducting clinical trials, regulatory approval processes and
meeting requirements for regulatory approval, the progress of
research and product development programs, product manufacturing,
competitive products and services, capital requirements, 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 annual
report on Form 10-K for the year ended December 31, 2004. 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. Three Months Ended CONSOLIDATED STATEMENT OF March 31,
OPERATIONS DATA 2005 2004 (in thousands except per share data)
(unaudited) Revenues: Contract revenue $2,658 $2,890 Operating
expenses: Research and development 35,784 28,457 Manufacturing
start-up costs 1,977 7,346 General and administrative 5,703 6,888
Amortization of intangible assets 1,441 1,792 Total operating
expenses 44,905 44,483 Loss from operations (42,247) (41,593) Other
income (expenses): Interest and other income (expense), net 2,956
1,670 Interest expense (3,342) (1,643) Total other income
(expenses) (386) 27 Net loss ($42,633) ($41,566) Basic and diluted
net loss per share ($0.48) ($0.47) Shares used in computing basic
and diluted net loss per share 89,253 88,307 March 31, December 31,
CONSOLIDATED BALANCE SHEET DATA 2005 2004 (in thousands)
(unaudited) * Cash, cash equivalents and marketable securities
$400,732 $416,329 Other current assets 13,031 19,187 Total current
assets 413,763 435,516 Property and equipment, net 216,919 223,004
Long-term investments 13,611 23,300 Intangible assets, net 93,349
94,790 Deposits and other assets 35,634 36,108 Total assets
$773,276 $812,718 Deferred revenue $11,386 $11,692 Other current
liabilities 19,802 23,257 Total current liabilities 31,188 34,949
Convertible notes 463,633 463,630 Deferred rent 7,804 7,519 Other
long-term liabilities 41,111 25,626 Redeemable convertible
preferred stock 49,869 49,869 Stockholders' equity 179,671 231,125
Total liabilities and stockholders' equity $773,276 $812,718 *
Derived from the December 31, 2004 audited financial 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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