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FOR IMMEDIATE RELEASE
Contact: Ami Knoefler
Corporate Communications and Investor Relations
510-284-6350 or 510-284-6605
ABGENIX ANNOUNCES FIRST QUARTER 2005 FINANCIAL RESULTS
FREMONT, Calif., April 26, 2005 - 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®-derived fully human antibody into the clinic. The companys 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 companys 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 companys 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.
The following information was filed by Abgenix Inc on Tuesday, April 26, 2005 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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