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Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact: |
Ami Knoefler |
|
Senior Director |
|
Corporate Communications and Investor Relations |
|
510-284-6350 or 510-284-6605 |
Abgenix Announces Third Quarter 2004 Financial Results
FREMONT, Calif., October 26, 2004 - Abgenix, Inc. (Nasdaq:ABGX) today reported financial results for the third quarter ended September 30, 2004.
For the quarter ended September 30, 2004, the company reported a net loss of $42.4 million or $0.48 per share, compared to a net loss of $43.6 million or $0.50 per share for the same period in 2003. The company ended the quarter with $230.7 million in cash, cash equivalents and marketable securities.
Revenues for the third quarter of 2004 were $3.4 million compared to $2.0 million for the same period in 2003. Contract revenues for the quarter ended September 30, 2004 primarily consisted of fees under technology licensing agreements, including a milestone payment from Amgen for advancement of AMG 162, a XenoMouse®-derived antibody, into pivotal clinical trials for bone loss. The companys revenues generally vary from quarter to quarter.
Operating expenses for the third quarter of 2004 were $45.4 million, compared with $45.9 million for the same period of 2003. Expenses for both 2003 and 2004 included research and development costs to advance the companys clinical and preclinical stage antibody product portfolio. The majority of third quarter 2004 research and development costs related to the companys proprietary clinical products, including its lead oncology product candidate, panitumumab, and ABX 10241, an antibody for secondary hyperparathyroidism (SHPT). Included in both periods were manufacturing start-up costs related to operating the companys antibody production facility. A portion of these manufacturing costs will continue to be classified as start-up until the facility is operating closer to full utilization. The company expects these costs to vary from quarter to quarter based on the extent of manufacturing activities for antibody product candidates, including panitumumab.
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