Chairman's AGM Statement

Cambridge Antibody Tech Group PLC
4 February 2000


For Further Information Contact:
Cambridge Antibody Technology Group plc  Tel: [phone]
Dr David Chiswell, Chief Executive Officer       
John Aston, Finance Director
Rowena Gardner, Communications Manager   

HCC.De Facto Tel: [phone]
City/Financial, Rebecca Hennessey               
Trade/Science, Nikul Odedra              

CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC
2000 ANNUAL GENERAL MEETING STATEMENT

Since my report to shareholders in late November, we announced on 24 December
a major $212 million broad alliance with Searle, the biggest deal CAT has
signed to date.  This complements and builds on the agreements we signed
earlier in the year with Wyeth-Ayerst, Human Genome Sciences and AstraZeneca.
Through our strong commitment and consistent progress, CAT is increasingly
being recognised as a true innovator in the therapeutic antibody field with a
sound technological platform, growing drugs pipeline and major alliances with
pharmaceutical companies. 

CATs product pipeline continues to progress.  Recruitment and dosing in the
phase I study of CAT-192 has been completed. We are on target for patient
studies later this year. 

In addition, BASF Pharma has announced today that D2E7, under development for
the treatment of rheumatoid arthritis, has moved into phase III clinical
trials.  This decision underlines the quality of the previously announced
phase II data and the commitment BASF has to the programme. Taken together
with the three other human monoclonal antibodies developed with CATs
technology also in clinical trials, it cements CATs technology as the leading
technology platform in the development of fully human antibodies as drugs.

And finally, since November we have further extended our patent estate in the
US with the granting of a key patent covering our ProxiMol technology. 

Professor Peter Garland, 
Chairman, 
Cambridge Antibody Technology Group plc.


Notes to editors:


1. Cambridge Antibody Technology (LSE: CAT) is a UK biotechnology company
using its proprietary technologies in fully human monoclonal antibodies for
drug discovery and drug development.  Based in Melbourn, 10 miles south of
Cambridge, England, CAT currently employs around 150 people.  In March 1997,
CAT completed its initial public offering and listing on the London Stock
Exchange, raising approximately £41 million.

CAT has a world-leading platform technology for rapidly isolating fully human
monoclonal antibodies using phage display systems.  CAT has an extensive phage
display antibody library, currently incorporating around 100 billion distinct
antibodies. This library forms the basis for the company's strategy to develop
a portfolio of clinical development programmes and for discovering new drug
leads using functional genomics.  Four fully human therapeutic antibodies
developed by CAT are at various stages of clinical trials. 

CAT has a number of license and collaborative agreements in place with
pharmaceutical and biotechnology companies including: Eli Lilly, Pfizer, BASF
Pharma, Genentech, ICOS Corporation, Genetics Institute/BASF Pharma,
Wyeth-Ayerst, Human Genome Sciences, AstraZeneca and Searle.

2. CAT-192 is a fully human anti-TGFb1 monclonal antibody developed by CAT
that offers the potential to provide the first specific treatment for a range
of local and systemic fibrotic conditions. 

3. BASF Pharma represents the global pharmaceutical operations of BASF
Aktiengeschellschaft, Germany. BASF Pharma achieved sales worth DM4.5 bn
(EU2.3 bn) in 1998, an increase of 10 per cent over the preceding year. BASF
Pharma has a global workforce of 13,000.

4. D2E7 belongs to a new class of medicines that neutralise TNF (tumour
necrosis factor alpha). TNF is a cell communications protein that plays a role
in the immune system. In rheumatoid arthritis, TNF accumulates
disproportionately in the joints and initiates an inflammatory response that
causes swelling, pain and joint damage, often rendering the patient unable to
perform daily activities. Anti-TNF drugs neutralise this reaction by blocking
the chemical message sent from cell to cell that results in joint inflammation
and swelling. Essentially, D2E7 captures TNF and interrupts the process that
can lead to the symptoms of RA.

Rheumatoid arthritis is one of the most common forms of arthritis, affecting
more than six million people worldwide.