1st Quarter Results
Cambridge Antibody Tech Group PLC
07 February 2005
05/CAT/06
FOR IMMEDIATE RELEASE
07:00 GMT, 02:00 EST, Monday 7 February 2005
For further information contact:
Cambridge Antibody Technology Weber Shandwick Square Mile (Europe)
Tel: +44 (0) 1223 471 471 Tel: +44 (0) 20 7067 0700
Peter Chambre, Chief Executive Officer Kevin Smith
John Aston, Chief Financial Officer Yvonne Alexander
Rowena Gardner, Director of Corporate
Communications
Communications/The Trout Group (USA)
Tel: +1 212 477 9007
Brad Miles, ext 17 (media)
Brandon Lewis, ext 15 (investors)
CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC
ANNOUNCES FIRST QUARTER RESULTS
Cambridge, UK Cambridge Antibody Technology (LSE: CAT; NASDAQ: CATG) today
announces financial results for the first quarter of its 2005 financial year,
from 1 October 2004 to 31 December 2004, and an update on business since the
Preliminary Results Announcement on 22 November 2004.
Summary
Major strategic alliance with AstraZeneca in the field of inflammatory diseases:
£75 million subscription in new CAT shares
Alliance operations being established in line with plan
Successful outcome to legal action against Abbott Laboratories in relation to
HUMIRA(R) royalties:
US$23.73 million back royalties received from Abbott
(not reflected in Q1 results)
Abbott reports worldwide sales of HUMIRA at $852 million for 2004 and raises
guidance for 2005 to more than $1.3 billion
IP licensing: product candidates from Dyax and Micromet enter clinical trials
Net cash outflow before management of liquid resources and financing: £9.7
million for the three months ended 31 December 2004 (£6.6 million for three
months ended 31 December 2003)
Net cash and liquid resources of £159.3 million at 31 December 2004 (£93.7
million at 30 September 2004)
AstraZeneca Strategic Alliance
In November 2004, CAT announced a major strategic alliance with AstraZeneca for
the joint discovery and development of human monoclonal antibody therapeutics,
principally in the field of inflammatory disorders. Since that time, the joint
infrastructure to manage the alliance has been put in place, joint teams are
being established and work is underway to commence the 2005 research programme.
The alliance will become the principal focus of CATs research activity over the
next five years and will include a five-year discovery initiation phase during
which the partners will jointly initiate a minimum of 25 discovery programmes.
The principal focus of the discovery programmes will be in inflammatory
disorders, however the research may extend to other therapeutic areas. The
committed joint research investment will be a minimum of $175 million during
this phase, which the companies will fund 50:50.
CATs financial participation reflects its level of investment in the programme.
CAT has the option of co-investing and co-managing all programmes through to
Clinical Proof of Concept, and of continuing to fund jointly the development of
one in every five product candidates that reach Clinical Proof of Concept up to
product launch. If CAT opts out after the discovery phase it receives milestones
and royalties. If it opts out at Clinical Proof of Concept it receives
milestones and royalties at a higher level. For those programmes which it funds
to product launch it receives higher royalties, sales milestones and an option
to co-promote these products in the US.
CAT will be principally responsible for antibody discovery, manufacturing
process development and the supply of material for exploratory clinical trials.
AstraZeneca will be principally responsible for translational biology, clinical
development programmes, regulatory filings and commercialisation.
The alliance was conditional on the completion of the subscription of 10,217,983
new CAT shares by AstraZeneca for £75 million which duly completed in December
2004.
Abbott Litigation Update
In November 2003, CAT commenced legal proceedings against Abbott Biotechnology
Limited and Abbott GmbH in the High Court in London concerning the level of
HUMIRA royalties due to CAT. On 20 December 2004, the judge, Mr Justice Laddie,
ruled in CATs favour stating that Abbott was in error when it made its first
royalty payment to CAT calculated on the basis that only two per cent of Net
Sales was due. It should have calculated on the basis of the full royalty of
just over five per cent and should have paid and continue to pay CAT
accordingly.
In January 2005, Mr Justice Laddie announced his decision on various procedural
matters arising from this judgment and ruled in CATs favour on all counts. In
particular, he denied Abbotts request for permission to appeal his judgement of
20 December 2004, though Abbott can now apply to the Court of Appeal directly
for permission to appeal. The judge also ordered that Abbott pay CATs costs of
the case (to be assessed in due course). Part of these costs will be assessed,
as sought by CAT, on a higher basis than the norm to reflect the judges view of
the merits on that part of the case.
In January 2005, Abbott paid to CAT US$23.73 million, representing royalty
arrears due to CAT arising from the original judgment, and an additional sum of
US$1.29 million, representing interest and compensation for currency loss on
this amount. Abbott also paid CAT £2.85 million representing an interim payment
of legal costs due. These amounts are not reflected in these first quarter
results. Were Abbott to receive permission to appeal and be successful on such
appeal these amounts would be repayable.
Product Development
CAT Product Candidates
CAT-354 is a fully human anti-IL13 monoclonal antibody being developed by CAT,
initially as a potential treatment for severe asthma. In September 2004, CAT
commenced a Phase I clinical trial in the UK. Preliminary results are expected
to be available at the end of the second quarter of 2005. If this initial trial
meets its primary objectives, CAT intends to progress CAT-354 in further
clinical trials later in 2005.
Genzyme Alliance
CAT and Genzyme believe that the neutralisation of TGFbeta offers a number of
important and valuable opportunities for addressing unmet medical needs in a
number of disease conditions.
GC-1008 is a pan-specific fully human anti-TGFbeta monoclonal antibody being
developed by CAT and Genzyme. The companies have received approval from the US
Food and Drug Administration (FDA) to begin a Phase I clinical trial of GC-1008
in Idiopathic Pulmonary Fibrosis (IPF). Preparations for this trial are now
underway. During 2005 it is also intended to commence a clinical trial of
GC-1008 in various cancers. Pre-clinical studies in support of this oncology
study and further IPF studies are ongoing.
CAT-192 (metelimumab), a fully human anti-TGFbeta1 monoclonal antibody, is being
jointly developed by CAT and Genzyme as a potential treatment for scarring and
fibrotic conditions, including scleroderma. Following a study in 45 scleroderma
patients that demonstrated that CAT-192 was safe and well-tolerated, an analysis
of all existing scleroderma study results is being undertaken to facilitate
understanding of the disease and its progression. Once fully evaluated, the
results will be discussed with a panel of experts in an effort to identify the
appropriate route for clinical trials in diffuse systemic sclerosis.
CAT and Genzyme believe that there are further therapeutic opportunities for the
collaboration and pre-clinical work is continuing to evaluate these.
Trabio(R) (lerdelimumab) is a fully human anti-TGFbeta2 monoclonal antibody
developed by CAT as a potential treatment for improving the outcome of glaucoma
surgery. In November 2004, CAT announced the failure of Trabio to meet the
primary endpoint of improving the outcome of surgery for glaucoma compared to
placebo in its first pivotal (European Phase III) clinical trial. Preliminary
results of a second pivotal (International Phase III) clinical trial in 393
patients in six European countries and South Africa are expected in April 2005.
In the US clinical trial comparing Trabio with 5-Flurouracil (5-FU) in 236
patients, enrolment is complete and preliminary results are expected at the end
of 2005. Following the preliminary results of the first pivotal trial, CAT has
minimised future development costs of Trabio, consistent with its obligations in
the two continuing trials.
CAT-213 (bertilimumab) is a fully human anti-eotaxin1 monoclonal antibody which
CAT has been evaluating as a treatment for severe allergic disorders.
Discussions continue with potential partners to commercialise CAT-213.
Licensed Products and Product Candidates
HUMIRA(R) (adalimumab) is a fully human anti-TNFalpha monoclonal antibody,
isolated and optimised by CAT in collaboration with Abbott and approved for
marketing as a treatment for rheumatoid arthritis (RA) in over 50 countries. In
January, Abbott reported worldwide sales of $852 million for 2004 and raised
its 2005 worldwide sales expectations for HUMIRA to more than $1.3 billion.
Abbott continues to develop HUMIRA as a potential treatment for a number of
additional indications and reported in January that supplemental biologics
license applications (sBLAs) had been made for two HUMIRA indications, early RA
and psoriatic arthritis. Abbott also indicated that it expects to file
applications in 2005 for ankylosing spondylitis, for RA in Japan and, possibly,
for Juvenile RA. It has further indicated that a regulatory submission for
Crohns disease is expected in 2006. In psoriasis, Phase III clinical trials
began at the end of 2004 and Phase II clinical trial data will be available
later this month. Abbott expects to submit a regulatory application for
psoriasis in 2006 or early 2007.
ABT-874 is a fully human anti-IL12 monoclonal antibody, isolated and optimised
by CAT in collaboration with Abbott, and licensed to Abbott. Abbott continues
to evaluate ABT-874 as a potential treatment for a number of autoimmune diseases
including Crohns disease, psoriasis and multiple sclerosis, in which Abbott
announced the start of a Phase II clinical trial in June 2004. Abbott has also
indicated that it expects to begin Phase II studies of ABT-874 in psoriasis by
the end of 2005.
LymphoStat-B(TM) (belimumab) is a fully human anti-BLyS monoclonal antibody and
the first of four antibody drug candidates to be licensed by CAT to Human Genome
Sciences, Inc (HGSI). HGSI is developing LymphoStat-B as a potential treatment
for systemic lupus erythematosus (SLE) and RA. Phase II trials in each
indication continue, with the RA results expected in Spring 2005 and the SLE
results expected in Autumn 2005.
HGS-ETR1 is a fully human anti-TRAIL Receptor-1 monoclonal antibody licensed by
CAT to HSGI and being developed by HGSI as a potential treatment for a number of
cancers. In November 2004, HGSI announced that it had completed the enrolment
and initial dosing of patients in a US Phase II clinical trial of HSG-ETR1 in
patients with advanced non-small cell lung cancer. The primary objective of the
study is to evaluate tumour response. The secondary objectives are to evaluate
the safety and tolerability of HGS-ETR1, and to determine plasma concentrations
of HGS-ETR1 for use in a population pharmacokinetic analysis. Phase II clinical
trials of HGS-ETR1 in patients with advanced colorectal cancer and in patients
with relapsed or refractory non-Hodgkin's lymphoma continue.
Two Phase Ib clinical trials of HGS-ETR1 to evaluate safety and tolerability in
combination with chemotherapy also continue in patients with advanced solid
malignancies.
In January 2005, HGSI reported plans to complete all three of the ongoing Phase
II trials and both of the Phase Ib clinical trials of HGS-ETR1 in 2005.
HGS-ETR2 is a fully human anti-TRAIL Receptor-2 monoclonal antibody licensed by
CAT to HGSI, and being developed by HGSI as a potential treatment for cancer. A
Phase I clinical trial of HGS-ETR2 in patients with advanced solid tumours
continues. In January 2005, HGSI reported plans to initiate Phase II clinical
trials of HGS-ETR2 as a single agent, and to initiate Phase Ib clinical trials
of HGS-ETR2 in combination with chemotherapeutic agents in 2005.
ABthrax(TM) is a fully human anti-protective antigen monoclonal antibody
isolated and developed by HGSI from antibody libraries licensed by CAT to HGSI.
It has been developed as a potential treatment for anthrax. HGSI has stated that
further development of ABthrax will depend on the US governments willingness to
commit to the purchase of ABthrax.
MYO-029 is a fully human monoclonal antibody which neutralises the effects of
GDF-8 (a protein which is associated with reduced skeletal muscle mass). The
antibody was discovered by CAT in collaboration with Wyeth and is licensed to
Wyeth, which is studying it as a potential therapy for muscle-wasting diseases,
including muscular dystrophy and age-related sarcopenia. Wyeth announced in June
2004 that it had filed an Investigational New Drug (IND) application for MYO-029
and a Phase I clinical trial is now underway.
Licensed Pre-clinical Product Candidates
There are six antibody drug candidates licensed to partners which are at the
pre-clinical stage of development.
IP Licensing Agreements
In January 2003, CAT and Dyax Corp. announced the expansion of their 1997
licensing agreement. Under the terms of this expanded agreement, CAT receives
milestone and royalty payments on antibody products developed by Dyax and Dyaxs
licensees. In January 2005, Dyax announced that two fully human monoclonal
antibodies from Dyaxs proprietary phage display libraries, IMC-11F8 and
IMC-1121B, entered Phase I clinical development at ImClone Systems. Accordingly,
CAT received a milestone payment from Dyax in January 2005.
In September 2003, CAT granted Micromet a patent licence for the development and
commercialisation of Micromets human therapeutic antibody candidate MT201
(adecatumumab), specific for the epithelial tumour target Ep-CAM. In December
2004, Micromet and Serono signed an exclusive collaboration and licence
agreement for the development and commercialisation of MT201 which is currently
being tested in two multi-centre Phase II clinical trials. CAT receives
milestone and royalty payments on human antibody-based products developed
against the Ep-CAM target by Micromet and its partners. The first milestone
payment would be due on filing for product approval.
Senior Management Changes
In January, CAT announced that Dr David Glover, Chief Medical Officer at CAT,
would take early retirement from the Company and the Board after the Companys
Annual General Meeting (AGM) on 4 February 2005. Dr Patrick Round, VP
Development at CAT, has assumed responsibility for all of CATs development
activities and has joined the Executive Group, responsible for the operational
management of the Company. In addition, Diane Mellett, General Counsel at CAT
and Company Secretary, joined the Board of Directors following the Companys AGM.
Financial Results
A review of the financial results for the three months ended 31 December 2004 is
set out below. The comparative figures in brackets are for the corresponding
period in the prior financial year.
CAT made a loss after taxation for the three months ended 31 December 2004 of
£11.7 million (2003: £9.1 million). Net cash outflow before management of liquid
resources and financing for the period was £9.7 million (2003: £6.6 million
outflow). Net cash inflow after financing for the period was £65.6 million
(2003: £7.2 million inflow). Net cash and liquid resources at 31 December 2004
amounted to £159.3 million (30 September 2004: £93.7 million).
Revenue in the period was £2.7 million (2003: £3.8 million). Licence fees of
£1.2 million were recognised as revenue in the period having been released from
deferred income brought forward at 30 September 2004. Milestone payments of £1.1
million were received during the quarter. Other revenues of £0.4 million, were
received during the quarter. In October 2003 Abbott paid to CAT the first
royalties on HUMIRA resulting in revenues of £1.0 million being recognised in
the quarter ended 31 December 2003. As a result of an agreement reached in
October 2003 on the timing of royalty payments, royalty payments by Abbott are
now due in September and March of each year. There was, therefore, no royalty
payment and no royalty revenue recognised in the first quarter of the current
financial year, accounting for the decrease in revenue.
The payment by Abbott of royalty arrears and other related payments pursuant to
the High Court judgment, received in January 2005, are not reflected in these
results. Pending resolution of Abbotts request for permission to appeal and any
resultant appeal, the royalty arrears payment will not be recognised as revenue,
the payment on account of costs will not be recognised in the profit and loss
account and revenue in respect of subsequent royalty receipts will only be
recognised at the two per cent rate argued by Abbott. A proportion of CATs
royalty receipts, and of the royalty arrears payment, are payable to the Medical
Research Council and other licensors.
Operating costs for the period amounted to £15.6 million (2003: £13.6 million).
Research and development expenses decreased to £9.2 million for the three months
ended 31 December 2004 (2003: £10.4 million). External development costs for the
three month period were £3.5 million (2003: £4.7 million). This decrease was due
to cost savings made on the Trabio programme following the announcement of the
European Phase II/III trial result.
General and administration expenses increased to £6.4 million for the three
months ended 31 December 2004 (2003: £3.2 million). Litigation expenses rose by
£1.5 million from the three months ended 31 December 2003 to £1.9 million in the
three months ended 31 December 2004, due to the cost of the trial against Abbott
in November 2004. There was an increase of £0.8 million to £1.9 million in
foreign currency translation charge due to the significant depreciation of the
US Dollar compared to the British Pound over the period. This change arises
primarily from the retranslation of CATs trading balances with its US
subsidiary, Aptein Inc., and is non-cash. AstraZeneca transaction costs and
staff reallocations (from research and development to general and
administration), account for a further part of the increase.
On 21 November 2004, CAT and AstraZeneca signed a major strategic alliance and,
under the terms of a separate Subscription Agreement, AstraZeneca subscribed, in
December 2004, £75.0 million for 10.2 million shares in CAT.
CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC
RESULTS FOR THE THREE MONTHS ENDED 31 DECEMBER 2004
CONSOLIDATED PROFIT AND LOSS ACCOUNT
(unaudited) Three months Three months Three months Year
ended ended ended ended
31 December 31 December 31 December 30 September
2004 2004 2003 2004
Convenience
translation
US$000 £000 £000 £000
Turnover 5,202 2,715 3,818 15,925
Direct costs - - (248) (3,023)
Gross profit 5,202 2,715 3,570 12,902
Research and development expenses (17,581) (9,176) (10,420) (44,125)
General and administration (12,310) (6,425) (3,197) (10,969)
expenses
Operating loss (24,689) (12,886) (10,047) (42,192)
Interest receivable (net) 2,246 1,172 983 4,130
Loss on ordinary activities before (22,443) (11,714) (9,064) (38,062)
taxation
Tax on loss on ordinary activities - - - (64)
Loss for the financial period (22,443) (11,714) (9,064) (38,126)
Loss per share - basic and diluted 27.4p 22.5p 93.3p
(pence)
Consolidated Statement of Total Recognised Gains and Losses
Three months Three months Three months Year
ended ended ended ended
31 December 31 December 31 December 30 September
2004 2004 2003 2004
Convenience
translation
US$000 £000 £000 £000
Loss for the financial period (22,443) (11,714) (9,064) (38,126)
Gain on foreign exchange translation 2,485 1,297 939 1,099
Total recognised losses relating to the (19,958) (10,417) (8,125) (37,027)
period
The losses for all periods arise from continuing operations.
This financial information has been prepared in accordance with UK GAAP. The
dollar translations are solely for the convenience of the reader.
CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC
RESULTS FOR THE THREE MONTHS ENDED 31 DECEMBER 2004
CONSOLIDATED BALANCE SHEET
(unaudited) As at As at As at As at
31 December 31 December 31 December 30 September
2004 2004 2003 2004
Convenience
translation
US$000 £000 £000 £000
Fixed assets
Intangible assets 10,672 5,570 6,620 5,832
Tangible assets 22,576 11,783 13,798 12,362
Investments 5,637 2,942 3,373 2,942
38,885 20,295 23,791 21,136
Current assets
Debtors 9,760 5,094 6,514 4,460
Short term investments 297,683 155,367 113,033 93,061
Cash at bank and in hand 8,817 4,602 3,628 2,678
316,260 165,063 123,175 100,199
Creditors
Amounts falling due within one year (29,064) (15,169) (13,199) (15,603)
Net current assets 287,196 149,894 109,976 84,596
Total assets less current liabilities 326,081 170,189 133,767 105,732
Creditors
Amounts falling due after more than one (38,458) (20,072) (20,270) (20,650)
year
Net assets 287,623 150,117 113,497 85,082
Capital and reserves
Called-up share capital 9,858 5,145 4,099 4,111
Share premium account 577,055 301,177 226,498 226,829
Other reserve 25,782 13,456 13,456 13,456
Profit and loss account (325,072) (169,661) (130,556) (159,314)
Shareholders funds - all equity 287,623 150,117 113,497 85,082
This financial information has been prepared in accordance with UK GAAP. The
dollar translations are solely for the convenience of the reader.
CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC
RESULTS FOR THE THREE MONTHS ENDED 31 DECEMBER 2004
CONSOLIDATED CASH FLOW STATEMENT
(unaudited) Three months Three months Three months Year
ended ended ended ended
31 December 31 December 31 December 30 September
2004 2004 2003 2004
Convenience
translation
US$000 £000 £000 £000
Net cash outflow from operations (19,594) (10,227) (7,409) (31,067)
Returns on investments and servicing of
finance
Interest received 1,585 827 1,205 4,295
Interest element of finance leases (29) (15) (22) (78)
1,556 812 1,183 4,217
Taxation - - - (64)
Capital expenditure and financial
investment
Purchase of tangible fixed assets (510) (266) (373) (1,032)
Sale of tangible fixed assets - - - 6
(510) (266) (373) (1,026)
Net cash outflow before management of
liquid resources and financing (18,548) (9,681) (6,599) (27,940)
Management of liquid resources (119,378) (62,306) (4,686) 15,357
Financing
Issue of ordinary share capital 144,432 75,382 13,880 14,223
Capital elements of finance lease rental (174) (91) (84) (348)
payments
144,258 75,291 13,796 13,875
Increase in cash 6,332 3,304 2,511 1,292
This financial information has been prepared in accordance with UK GAAP. The
dollar translations are solely for the convenience of the reader.
Notes to the financial information
Accounting policies
This financial information has been prepared in accordance with the policies set
out in the statutory financial statements for the year ended 30 September 2004.
Convenience translation
The consolidated financial statements are presented in Sterling. The
consolidated financial statements as of and for the period ended 31 December
2004 are also presented in US Dollars as a convenience translation. The Dollar
amounts are presented solely for the convenience of the reader and have been
calculated using an exchange rate of £1:US$1.916, the noon buying rate as of 31
December 2004. No representation is made that the amounts could have been or
could be converted into US Dollars at this or any other rates.
Loss per share
The loss per ordinary share and diluted loss per share are equal because share
options are only included in the calculation of diluted earnings per share if
their issue would decrease the net profit per share or increase the net loss per
share. The calculation is based on information in the table shown below.
Three months Three months Year
ended ended ended
31 December 31 December 30 September
2004 2003 2004
Losses (£000) 11,714 9,064 38,126
Weighted average number of shares 42,811,237 40,270,246 40,866,684
The Company had ordinary shares in issue of 51,455,213 and a total of 2,247,914
ordinary shares under option as of 31 December 2004.
Reconciliation of operating loss to operating cash outflow
Three months Three months Three months Year
ended ended ended ended
31 December 31 December 31 December 30 September
2004 2004 2003 2004
Convenience
translation
US$000 £000 £000 £000
Operating loss (24,689) (12,886) (10,047) (42,192)
Depreciation charge 1,289 673 754 2,826
Amortisation of intangible fixed assets 502 262 263 1,051
Profit on disposal of fixed assets - - - (3)
Amounts written off fixed asset - - - 215
investments
Executive Incentive Plan charge 134 70 - 144
Increase in debtors (527) (275) (2,191) (24)
(Decrease)/increase in deferred income (1,309) (683) 2,522 4,086
Increase in creditors (excluding 5,006 2,612 1,290 2,830
deferred income)
(19,594) (10,227) (7,409) (31,067)
Analysis and reconciliation of net funds
1 October Cash flow Exchange 31 December 31 December
2004 movement 2004 2004
£000 £000 £000 £000 $000
Cash at bank and in hand 2,678 1,956 (32) 4,602 8,817
Overdrafts (1,512) 1,348 - (164) (314)
3,304 (32)
Liquid resources 92,559 62,306 - 154,865 296,721
Net cash and liquid resources 93,725 65,610 (32) 159,303 305,224
Finance leases (820) 91 - (729) (1,397)
Net funds 92,905 65,701 (32) 158,574 303,827
Liquid resources shown above is included within short term investments on the
Balance Sheet, which also includes a part of the investment in MorphoSys shares.
Reconciliation of movements in group shareholders funds
Three months Year
ended ended
31 December 30 September
2004 2004
£000 £000
Loss for the financial period (11,714) (38,126)
Other recognised gains and losses relating to the period 1,297 1,099
(10,417) (37,027)
New shares issued (net of expenses) 75,382 14,223
Executive Incentive Plan 70 144
Net increase/(decrease) in shareholders funds 65,035 (22,660)
Opening shareholders funds 85,082 107,742
Closing shareholders funds 150,117 85,082
Financial Statements
The preceding information, comprising the Consolidated Profit and Loss Account,
Consolidated Statement of Total Recognised Gains and Losses, Consolidated
Balance Sheet, Consolidated Cash Flow Statement and associated notes, does not
constitute the Companys statutory financial statements for the year ended 30
September 2004 within the meaning of section 240 of the Companies Act 1985, but
is derived from those financial statements. Results for the three month periods
ended 31 December 2004 and 31 December 2003 have not been audited. The results
for the year ended 30 September 2004 have been extracted from the statutory
financial statements which will be filed with the Registrar of Companies after
the Companys Annual General Meeting and upon which the auditors reported without
qualification.
The annual report and financial statements for the year ended 30 September 2004
are available from our registered office:
The Company Secretary
Cambridge Antibody Technology Group plc
Milstein Building
Granta Park
Cambridge
CB1 6GH, UK
Tel: +44 (0) 1223 471471
-ENDS-
Notes to Editors
Cambridge Antibody Technology (CAT):
CAT is a biopharmaceutical company using its proprietary technologies and
capabilities in human monoclonal antibodies for drug discovery and drug
development. Based near Cambridge, England, CAT currently employs around 280
people
CAT is a leader in the discovery and development of human therapeutic antibodies
and has an advanced proprietary technology for rapidly isolating human
monoclonal antibodies using phage display and ribosome display systems. CAT has
extensive phage antibody libraries, currently incorporating more than 100
billion distinct antibodies. These libraries form the basis for the Companys
strategy to develop a portfolio of antibody-based drugs.
Four CAT human therapeutic antibody products are now at various stages of
clinical development, with one further product candidate in pre-clinical
development.
HUMIRA, the leading CAT-derived antibody, isolated and optimised in
collaboration with Abbott, has been approved for marketing as a treatment for
rheumatoid arthritis in 51 countries.
Six further licensed CAT-derived human therapeutic antibodies are in clinical
development by licensees, with six further licensed product candidates in
pre-clinical development.
CAT has alliances with a number of pharmaceutical and biotechnology companies to
discover, develop and commercialise human monoclonal antibody-based products.
On 22 November 2004, CAT announced a major strategic alliance with AstraZeneca
to discover and develop human antibody therapeutics in inflammatory disorders.
CAT has a broad collaboration with Genzyme for the development and
commercialisation of antibodies directed against TGFbeta, a family of proteins
associated with fibrosis and scarring.
CAT has also licensed its proprietary technologies to several companies. CATs
licensees include: Abbott, Amgen, Chugai, Genzyme, Human Genome Sciences, Merck
& Co, Pfizer and Wyeth Research.
CAT is listed on the London Stock Exchange and on NASDAQ. CAT raised £41m in its
IPO in March 1997 and £93m in a secondary offering in March 2000.
Application of the Safe Harbor of the Private Securities Litigation Reform Act
of 1995: This press release contains statements about Cambridge Antibody
Technology Group plc (CAT) that are forward looking statements. All statements
other than statements of historical facts included in this press release may be
forward looking statements within the meaning of Section 21E of the Securities
Exchange Act of 1934. These forward looking statements are based on numerous
assumptions regarding the companys present and future business strategies and
the environment in which the company will operate in the future. Certain factors
that could cause the companys actual results, performance or achievements to
differ materially from those in the forward looking statements include: market
conditions, CATs ability to enter into and maintain collaborative arrangements,
success of product candidates in clinical trials, regulatory developments and
competition. We caution investors not to place undue reliance on the forward
looking statements contained in this press release. These statements speak only
as of the date of this press release, and we undertake no obligation to update
or revise the statements.
This information is provided by RNS
The company news service from the London Stock Exchange
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