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 company’s 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 company’s clinical and preclinical stage antibody product portfolio.  The majority of third quarter 2004 research and development costs related to the company’s 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 company’s 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.

 

Net cash used in operating activities in the third quarter of 2004 was $36.5 million.  For the nine months ending September 30, 2004, net cash used in operating activities was $112.1 million.  Capital spending was $6.9 million for the nine months ended September 30.  Abgenix expects net use of cash in operations and capital expenditures to be approximately $140-145 million for the full year of 2004.

 

-more-

 


The following information was filed by Abgenix Inc on Tuesday, October 26, 2004 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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