11
BioTech Sage Report, January 2000
Selected Balance Sheet Data Year Ends Dec 31
Selected Income Statement Year Ends Dec 31
Quarterly Income Statement
Abgenix, Inc.
Q1 3-98
Q2 6-98
Q3 9-98
Q4 12-98
Revenue
EPS
891
(.67)
735
(.45)
387
(.31)
1,800
.27
Q1 3-99
Q2 6-99
Q3 9-99
Q4 12-99 (E)
Revenue
EPS
0
(.44)
1,720
(.24)
3,700
(.09)
3,000
(.17)
1998
1997
1996
Assets
Cash & Equivalent Assets
Short-term investments
Total Current Assets
Net property, Plant and Equipment
Total Assets
1,415
15,329
18,182
5,435
24,220
4,617
10,704
15,871
5,776
22,084
7,190
2,982
14,357
3,648
14,357
Liabilities & Shareholders' Equity
Current Liabilities
Long Term Debt
Shareholders' Equity
Total Liabilities & Shareholders' Equity
5,081
2,180
16,959
24,220
9,234
3,979
(22,318)
22,084
2,429
0
(2,316)
14,357
1998
1997
1996
Revenue
Collaborative Agreement
Contract Revenues
Total Revenue
1,344
2,498
3,842
1,343
611
1,954
4,719
0
4,719
Expenses
Research & Development
Selling, Gen. & Admin.
Cross Licensing
Total Expenses
17,588
3,405
0
21,100
11,405
3,525
11,250
37,430
9,433
2,565
0
11,998
Net Loss
Earnings per Share
Shares outstanding (mil)
(16,827)
(3.00)
5,603
(35,880)
(1,033)
34
(7,279)
(46,710)
suing the Phase III trial of ABX-CBL
based on promising results of a 59
patient Phase II trial of the drug. In
that trial, srGVHD patients receiving
higher doses of ABX-CBL had more
than twice the 180-day survival rate
observed in the lowest dose cohort.
Survival at 180 days for patients in
the higher dose cohorts was 50% ver-
sus 22% in the lowest (presumed no
effect) dose cohort. In the Phase III
trial, Abgenix will compare ABX-
CBL to ATG among 92 patients ex-
pected to enroll in the multi-center,
controlled trial. Survival will be the
trial's primary endpoint. The study is
expected to take approximately 18-24
months to complete.
GVHD occurs in about 50 percent
of patients receiving transplants of
stem cells, from which all blood cells
derive, when the transplanted cells
attack the patient's tissues. Such
transplants, or grafts, are used to treat
patients with leukemia, certain other
serious cancers and immune system
disorders. Roughly half of GVHD pa-
tients fail to respond to current treat-
ments, which consist of steroid and
other drug treatments to suppress the
grafted immune cells.
Abgenix also indicated that it
would seek a corporate partner to as-
sist with the development and com-
mercialization of ABX-CBL.
On December 1st, Abgenix signed
a research license and option agree-
ment with Chiron under which Chi-
ron will use Abgenix's XenoMouse
technology to generate fully human
monoclonal antibodies to an undis-
closed antigen in the field of autoim-
mune diseases. Also, under a separate
research collaboration agreement,
Chiron may use XenoMouse to gener-
ate fully human monoclonal antibod-
ies on up to four cancer targets. Chi-
ron will be responsible for product
development, manufacturing, and
marketing of any products developed
nome Sciences, Inc. and Curagen
Corporation. The two genomic com-
panies announced multi-year, multi-
target collaborations with Abgenix
earlier this month.
On December 7
th
, Abgenix initi-
ated a Phase III clinical trial compar-
ing its antibody, ABX-CBL, with
standard therapy for patients with
steroid-resistant graft-versus-host dis-
ease (srGVHD), a serious, life-
threatening disorder. Abgenix is pur-
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