Abgenix Announces CEO Succession Plan
Ray Withy to Become CEO in Mid-2000
FREMONT, Calif., November 19, 2001 - Abgenix, Inc. (Nasdaq: ABGX) announced today plans for Raymond Withy, Ph.D., to succeed R. Scott Greer as the company?s chief executive officer effective in mid-2002, and to join the company?s board of directors, effective immediately. Mr. Greer, who will continue as chairman of the board and as an officer of the company, will remain active in the strategic management of Abgenix. Dr. Withy, currently the company?s president and chief operating officer, has been an officer of Abgenix since its founding in 1996. In his previous roles as chief business officer, and vice president, Corporate Development, he and his team were instrumental in forming corporate collaborations with more than 30 biotechnology and pharmaceutical companies. Dr. Withy was involved in the formation of Abgenix as a subsidiary of Cell Genesys, while serving as director, business development of Cell Genesys.
?I am very proud of what the Abgenix team has accomplished in its first five years and believe the company is well on its way to becoming a new biotech powerhouse,? stated R. Scott Greer, chairman and chief executive officer of Abgenix. ?The evolution of our business toward significantly expanded product development activities fits well with Ray?s technical background. After the transition, I look forward to continuing to assist Abgenix at a more macro level as executive chairman.?
?With a strong balance sheet, world class corporate collaborations, an exciting and growing product portfolio, and our industry leading human antibody technologies, Abgenix is well-positioned to succeed,? stated Raymond Withy, Ph.D., president and chief operating officer. ?Over the next several years, I see Abgenix building one of the most exciting product pipelines in the industry.?
Dr. Withy, 46, has over 16 years experience in the biotechnology industry. Prior to Abgenix and Cell Genesys, Dr. Withy held various research and development positions at Genzyme Corporation and Integrated Genetics, Inc. Dr. Withy received his Ph.D. in Biochemistry from the University of Nottingham in the U.K. and was a post-doctoral fellow at the California Institute of Technology.
Abgenix will host a conference call to provide an update on company developments, its business objectives and clinical and pre-clinical programs. The conference call will be held today, November 19, 2001 at 4:30 PM EST. Interested parties may listen to the call by dialing 800-500-0311 and mentioning the ?Abgenix Conference Call?. A replay of the call will be available starting at 7:30 PM on November 19th through midnight on December 3, 2001. To listen to the replay, dial 888-203-1112 and enter the replay access code 793411 when prompted.
Abgenix is a biopharmaceutical company focused on the development and commercialization of human monoclonal antibody therapies for a variety of diseases. The company?s antibody technology platform, which includes XenoMouse® and XenoMax? technology, enables the rapid generation and selection of high affinity, fully human antibody product candidates to disease targets appropriate for antibody therapy. Abgenix leverages its leadership position in human antibody technology by building a large and diversified product portfolio through the establishment of licensing arrangements with multiple pharmaceutical, biotechnology and genomics companies and through the development of its own internal proprietary products. For more information on Abgenix, visit the company?s website at http://www.abgenix.com
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