Abgenix, Inc. (Abgenix) is a biopharmaceutical company that is focused on the discovery, development and manufacture of human therapeutic antibodies for the treatment of range of disease conditions, including cancer, inflammation and metabolic disease. The Company has its XenoMouse technology, a technology using genetically modified mice, to generate human antibodies. Abgenix also owns a technology that enables the rapid identification of antibodies with desired function and characteristics, known as SLAM technology. In its XenoMax technology, Abgenix uses SLAM technology to select and isolate antibodies with particular function and characteristics from antibody-producing cells generated by XenoMouse animals. During the year ended December 31, 2005, 14 antibodies generated with the Company's XenoMouse technology are in clinical trials or are the subject of a regulatory application to initiate such trials, including two of its antibody therapeutic product candidates and 12 antibody product candidates being developed by companies that have licensed its technology. The Company's advanced product candidate is panitumumab (formerly known as ABX-EGF), which its is co-developing with Immunex Corporation, a wholly owned subsidiary of Amgen Inc. In 2005, Abgenix and Amgen initiated the rolling submission of a Biologics License Application (BLA) filing with the United States Food and Drug Administration (FDA) for panitumumab in patients with metastatic colorectal cancer who have failed prior standard chemotherapy, including oxaliplatin and irinotecan. The Company's other product candidate, ABX-10241, is in early stage clinical trials for secondary hyperparathyroidism in patients with renal disease. Abgenix has a range of contractual arrangements with multiple pharmaceutical, biotechnology and genomics companies to jointly develop and commercialize products or to enable other companies to use its XenoMouse and XenoMax technologies in the development of their products. Six of the Company's licensing partners, Pfizer, Inc., Amgen, Chiron Corporation, CuraGen Corporation, Human Genome Sciences, Inc. and Agensys, Inc., have initiated clinical trials or submitted regulatory applications for such trials for antibodies generated from XenoMouse technology. On December 14, 2005, Abgenix entered into an agreement and plan of merger with Amgen and Athletics Merger Sub, Inc., a wholly owned subsidiary of Amgen, pursuant, to which Amgen is expected to acquire the Company. Panitumumab In January 2004, Amgen initiated two pivotal studies, one in the United States (known as the 167 trial) and one outside the United States (known as the 408 trial), in patients with metastatic colorectal cancer who have failed prior standard irinotecan and oxaliplatin-containing chemotherapy regimens. In November 2005, Abgenix and Amgen announced data from the pivotal trial in Europe, Canada and Australia comparing supportive care with supportive care and panitumumab. In this trial, those patients who received panitumumab showed a 46% decrease in the rate of death or tumor progression, as assessed by central radiology review, versus those who received supportive care alone. Amgen is conducting Phase II studies evaluating panitumumab as a single agent therapy in the treatment of advanced metastatic colorectal cancer. One Phase II clinical trial, which was initiated in December 2001, is closed. Amgen is also conducting a trial (known as the 250 trial) to evaluate panitumumab in metastatic colorectal cancer patients with tumors having low or undetectable levels of epidermal growth factor receptor (EGFr). This trial was initiated, during the year ended December 2004. In addition, Amgen is conducting a Phase II trial that includes metastatic colorectal cancer patients who have shown progressive disease on the supportive care arm of the 408 pivotal trial. -In April 2005, Abgenix and Amgen announced the initiation of a randomized Phase IIIb study in the first-line treatment of patients with metastatic colorectal cancer, the Panitumumab Advanced Colorectal C

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