Abgenix Reports Third Quarter 2000 Results
FREMONT, Calif., Oct. 23, 2000 – Abgenix, Inc. (NASDAQ: ABGX) today reported a net income of $1.5 million or $0.02 per share for the quarter ended September 30, 2000, compared to a net loss of $1.3 million or $0.02 per share for the quarter ended September 30, 1999. Contract revenues for the current quarter increased to $7.6 million from $3.7 million for the same quarter in 1999. Including interest income, total revenues for the current quarter increased to $16.8 million from $4.4 million for the same period in 1999. While the increase in total revenues resulted in a profitable third quarter in 2000, the company does not expect to be consistently profitable for several years. Contract revenues include license fees and milestone payments from corporate partners which are dependent on the timing of certain events and will vary from quarter to quarter.
For the nine months ended September 30, 2000, the company reported a net loss of $4.3 million compared to a net loss of $10.2 million in the same period of 1999. Contract revenues for the nine-month period in 2000 were $13.1 million compared to $5.4 million in the same period of 1999. Including interest income, total revenues for the nine-month period in 2000 increased to $35.4 million from $7.3 million for the same period in 1999. These revenues did not include non-refundable payments received from corporate partners and recorded as deferred revenue, pursuant to the guidance contained in Staff Accounting Bulletin 101. Deferred revenue totaled $14.4 million as of September 30, 2000.
Abgenix ended the third quarter with approximately $545 million in cash, cash equivalents and short-term investments. In addition, Abgenix holds long-term investments, primarily equity in corporate partners, totaling $71.6 million.
Third quarter company highlights included:
Entering co-development and commercialization agreements for two of our proprietary products, ABX-EGF (Immunex) and ABX-CBL (SangStat), Entering a collaboration with ImmunoGen, Inc., whereby Abgenix gains broad access to ImmunoGen’s tumor-activated prodrug (TAP) technology to use with our fully human antibodies, Continuing to build our organization with key hires including Gayle Mills as vice president, Business Development and John Meyer as vice president, Human Resources, and, Reaching an agreement to acquire ImmGenics and its proprietary high throughput antibody discovery technology.
In addition, Abgenix recently announced the first licensee product to enter the clinic with Pfizer’s IND filing of an antibody product candidate generated with our XenoMouse™ technology. There are now three fully human antibodies from our technology being tested in human clinical trials.
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