3rd Quarter Results
Cambridge Antibody Tech Group PLC
12 September 2005
05/CAT/13
FOR IMMEDIATE RELEASE
07.00 BST, 02.00 EST Monday 12 September 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 Rachel Taylor
Communications BMC Communications/The Trout Group (USA)
Tel: 001 212 477 9007
Brad Miles, ext 17 (media)
Brandon Lewis, ext 15 (investors)
CAMBRIDGE ANTIBODY TECHNOLOGY ANNOUNCES FINANCIAL RESULTS FOR THE NINE MONTHS
ENDED 30 JUNE 2005
Cambridge, UK - Cambridge Antibody Technology (LSE: CAT; NASDAQ: CATG) today
announces its financial results for the nine months ended 30 June 2005 and an
update on business since the interim results in May 2005.
Highlights
Positive preliminary results from Phase I clinical trial of CAT-354
Centres initiated for Phase I clinical trials of GC-1008 in idiopathic pulmonary
fibrosis (IPF) (with Genzyme)
Excellent progress in Alliance with AstraZeneca: six active Discovery programmes
Positive results from Phase II clinical trial of HGS-ETR1 in advanced solid
cancers (Human Genome Sciences, Inc (HGSI))
GlaxoSmithKline (GSK) exercised options to co-develop and co-promote
LymphoStat-B (TM) and HGS-ETR1, both with HGSI
Appeal hearing in litigation with Abbott re HUMIRA(R) to take place week
commencing 24 October 2005
John Brown, former CEO of Acambis, appointed as Non-Executive Director.
Net cash and liquid resources of £172.1 million at 30 June 2005 (£93.7 million
at 30 September 2004)
Introduction
CAT has strong financial foundations which result from its balance sheet
strength and the revenue stream from HUMIRA royalties. The diversified pipeline
of licensed antibody product candidates offers good prospects for growth in the
medium term and CAT has significant longer term opportunities from proprietary
development and alliances, especially with Genzyme and AstraZeneca.
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 to assess the safety, tolerability
and pharmacokinetics of CAT-354. The trial was a double-blind,
placebo-controlled, rising single dose intravenous study in 34 mild asthmatic
patients. In June 2005, CAT announced preliminary results which showed that
CAT-354 was well tolerated at all doses and there were no identified safety
concerns; pharmacokinetics were as expected. The trial results will be submitted
to an appropriate scientific meeting in due course.
Based on these results, CAT is planning to start a further clinical trial in the
fourth quarter of 2005. This is being planned as a repeat dose study in patients
with mild asthma.
Genzyme Alliance
GC-1008 is a pan-specific fully human anti-TGF beta monoclonal antibody being
developed by CAT and Genzyme. Centres have been initiated for a Phase I clinical
trial of GC-1008 in IPF. The objectives of the trial are to evaluate the safety,
tolerability and pharmacokinetics of single intravenous infusions of GC-1008 in
patients with IPF. The trial, which is an open-label, single dose,
dose-escalating study will be in 25 patients in three to five centres in the
United States (US).
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. The Alliance is progressing
well, and work is ongoing on six Discovery projects: one pre-existing CAT
Discovery programme adopted into the Alliance and five new programmes, all of
which had progressed to lead isolation stage by June 2005. Selection of the next
targets for Alliance Discovery projects is already underway. The unique nature
of this Alliance was recognised in August 2005 at the fourth annual IBC
Pharmaceutical Achievement Awards in Boston where the companies were honoured
with the Business Alliance of the Year award.
Licensed Products and Product Candidates
HUMIRA (adalimumab) is a fully human anti-TNF alpha monoclonal antibody,
isolated and optimised by CAT in collaboration with Abbott and now approved for
marketing as a treatment for rheumatoid arthritis (RA) in 57 countries.
Abbott reported worldwide sales of HUMIRA of US$321 million for the second
quarter of 2005 (total for first six months of 2005 of US$603 million). Abbott
continues to forecast revenues from HUMIRA of more than US$1.3 billion in 2005.
In August 2005, Abbott announced that it had received approval from the European
Commission to market HUMIRA as a treatment for psoriatic arthritis and early RA
in Europe. Abbott stated that HUMIRA would be available immediately to patients
with psoriatic arthritis in Germany, UK, Spain, Finland and Denmark. Abbott
expects a decision regarding the US Food and Drug Administrations (FDAs)
approval of HUMIRA for these expanded indications in the US by the end of 2005.
LymphoStat-B (belimumab) is a fully human anti-BLyS monoclonal antibody licensed
by CAT to HGSI. HGSI is developing LymphoStat-B as a potential treatment for
Systemic Lupus Erythematosus (SLE) and RA. In July 2005, HGSI announced that GSK
had exercised its option to develop and commercialise LymphoStat-B jointly with
HGSI.
In April 2005, HGSI announced positive Phase II results of LymphoStat-B in a 283
patient trial in RA. Results of the Phase II clinical trial of LymphoStat-B in
449 patients with SLE are expected in Autumn 2005.
HGS-ETR1 (mapatumumab) is a fully human anti-TRAIL Receptor-1 monoclonal
antibody licensed by CAT to HGSI. HGSI is developing HGS-ETR1 as a potential
treatment for multiple cancer indications, and a number of Phase Ib and Phase II
clinical trials are underway.
In May 2005, HGSI announced that the results of ongoing Phase I clinical trials
demonstrate that HGS-ETR1 is well tolerated in patients with advanced solid
tumours and support further evaluation in Phase II trials.
In June 2005, HGSI announced interim results from an ongoing Phase II trial of
HGSI-ETR1 in patients with advanced non-Hodgkins lymphoma, which demonstrated
that it is well tolerated and shows signs of clinical activity. Partial
responses were observed in some patients. HGSI expects that complete data from
the study will be presented at an appropriate scientific meeting later this
year.
In July 2005, HGSI announced that the results of a Phase II clinical trial of
HGS-ETR1 demonstrated that HGS-ETR1 was well tolerated and could be administered
safely and repetitively in patients with advanced non-small cell lung cancer
(NSCLC). Stable disease was observed in a number of patients and the results
support continued evaluation of HGS-ETR1 in NSCLC patients in combination with
chemotherapeutic agents. HGSI expects to announce the results of a further Phase
II clinical trial of HGS-ETR1, in patients with advanced colorectal cancer,
later in 2005.
In August 2005, HGSI announced that GSK had exercised its option to develop and
commercialise HGS-ETR1 jointly with HGSI.
HGS-ETR2 is a fully human anti-TRAIL Receptor-2 monoclonal antibody licensed by
CAT to HSGI and being developed by HGSI as a potential treatment for cancer. In
May 2005, HGSI announced that the results of ongoing Phase I clinical trials
demonstrate that HGS-ETR2 is well tolerated in patients with advanced solid
tumours and support further evaluation in Phase II trials.
Patent Licensing Agreements
In June 2005, CAT granted BioInvent and its partners a licence to use CATs Phage
Display patents to develop products from BioInvents n-CoDeR antibody libraries.
BioInvent agreed to withdraw its opposition to CATs patents filed at the
European Patent Office in Munich. CAT received an initial licence fee from
BioInvent and will receive future payments, depending on how many therapeutic
antibodies BioInvent and its partners develop using CATs patented technology.
CAT will receive milestone payments and royalties on sales of such products.
In August 2005, CAT granted Symphogen a licence to use CATs Phage Display
patents for research purposes and to develop and commercialise a number of
therapeutic and diagnostic antibody products. Upon signing the agreement,
Symphogen made an upfront payment for the licence and exercised its first
product licence option. As a condition of exercising this option, Symphogen
paid a product licence fee, and may make future milestone and royalty payments
to CAT.
Board Changes
CAT today announces the appointment of Dr John Brown as a Non-Executive
Director, with immediate effect. John has widespread commercial, financial and
scientific experience within the biopharmaceutical industry, having held a
number of positions within the sector and most recently as Chief Executive of
Acambis plc. CAT believes that he will make a significant contribution to the
Board. John will also join the Audit Committee and the Remuneration Committee.
Litigation With Abbott
In the legal proceedings against Abbott Biotechnology Limited and Abbott GmbH
concerning the level of HUMIRA royalties due to CAT, the appeal of the decision
of Mr Justice Laddie in CATs favour will be heard by the Court of Appeal in
London in the week commencing 24 October 2005. The hearing is currently
estimated to last five days.
Financial Results
A review of the financial results for the nine months ended 30 June 2005 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 nine months ended 30 June 2005 of £21.6
million (2004: £28.4 million). Net cash inflow before management of liquid
resources and financing for the period was £2.7 million (2004: £20.7 million
outflow). Net cash and liquid resources at 30 June 2005 were £172.1 million (30
September 2004: £93.7 million).
The payment by Abbott of royalty arrears and other related payments pursuant to
the High Court Judgment are not reflected in these results. Pending resolution
of the appeal, the royalty arrears payment and royalty receipts in excess of the
two per cent rate argued by Abbott will not be recognised as revenue. Similarly,
amounts received in respect of CATs costs will not be recognised until the
resolution of Abbotts appeal. The table below details payments received from
Abbott in the current financial year and the accounting treatment adopted.
Recognised as
Date received Description Amount Revenue Creditors
$ million $ million $ million
January 2005 Back dated royalties 23.7 - 23.7
January 2005 Costs and interest 6.7 - 6.7
March 2005 Royalty to 31 Dec 04 25.0 9.7 15.3
Total 55.4 9.7 45.7
Total as recognised in £m £29.4 £5.2 £24.2
In the event that CAT prevails on appeal, up to approximately £10.0 million of
the £29.4 million received from Abbott and referred to in the table above will
be payable to the Medical Research Council (MRC) and other licensors.
Turnover in the period was £12.1 million (2004: £10.1 million). In the third
quarter, a clinical milestone payment was received from Dyax and other revenue
was received from MorphoSys under the terms of the Agreement signed in December
2002.
Direct costs for the nine months ended 30 June 2005 were £2.2 million (2004:
£1.5 million). Direct costs in the third quarter reflect amounts due to the MRC
and other licensors on the monies received from MorphoSys.
Research and development costs for the nine months ended 30 June 2005 were £27.4
million (2004: £32.0 million). External development costs were £9.2 million in
the nine months ended 30 June 2005 (2004: £13.8 million), reflecting lower spend
on the Trabio programme, which was terminated in March 2005, subject only to
continuation of CATs minimum obligations. The spend on Trabio for the nine month
period was £3.7 million (2004: £8.5 million). Research and development staff
costs and consumables were £11.1 million in the period (2004: £10.3 million).
General and administration expenses for the period were £10.6 million (2004:
£8.0 million). Litigation expenses for the nine months ended 30 June 2005 were
£3.3 million (2004: £1.5 million) due to the cost of the trial against Abbott in
November 2004. General and administration staff costs were £3.4 million in the
period (2004: £2.6 million). The non-cash foreign currency translation charge
arising from the retranslation of CATs trading balances with its US subsidiary,
Aptein Inc, and the retranslation of US dollar deposits held was £0.2 million
(2004: £1.2 million). The fall in general and administration expenses in the
third quarter compared to the previous quarter was primarily due to a decrease
of £1.0 million in litigation expenses.
During the third quarter, CAT sold just over a fifth of its shares held in
MorphoSys. The net sale proceeds to CAT were £2.1 million, resulting in an
accounting profit on sale of £1.5 million. CATs remaining beneficial interest is
in 376,776 MorphoSys shares.
During the period, the Group accrued interest receivable on its cash deposits of
£4.9 million (2004: £3.1 million) reflecting the increased level of cash and
liquid resources held in interest-bearing securities.
CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC
Results for the NINE MONTHS ended 30 JUNE 2005
CONSOLIDATED PROFIT AND LOSS ACCOUNT
(unaudited)
Nine months Nine months Nine months Year
ended ended ended ended
30 June 30 June 30 June 30 September
2005 2005 2004 2004
Convenience
translation
US$000 £000 £000 £000
Turnover 21,760 12,136 10,118 15,925
Direct costs (3,905) (2,178) (1,527) (3,023)
Gross profit 17,855 9,958 8,591 12,902
Research and development expenses (49,137) (27,405) (32,029) (44,125)
General and administration expenses (18,961) (10,575) (8,020) (10,969)
Operating loss (50,243) (28,022) (31,458) (42,192)
Profit on sale of fixed asset 2,620 1,461 - -
investments
Interest receivable (net) 8,859 4,941 3,077 4,130
Loss on ordinary activities before
taxation (38,764) (21,620) (28,381) (38,062)
Tax on loss on ordinary activities - - - (64)
Loss for the financial period (38,764) (21,620) (28,381) (38,126)
Loss per share - basic and diluted
(pence) 44.5p 69.6p 93.3p
Consolidated Statement of Total Recognised Gains and Losses
(unaudited)
Nine months Nine months Nine months Year
ended ended ended ended
30 June 30 June 30 June 30 September
2005 2005 2004 2004
Convenience
translation
US$000 £000 £000 £000
Loss for the financial period (38,764) (21,620) (28,381) (38,126)
Gain on foreign exchange translation 113 63 1,164 1,099
Total recognised losses relating to the
period (38,651) (21,557) (27,217) (37,027)
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 NINE MONTHS ended 30 JUNE 2005
Consolidated Balance Sheet
(unaudited) As at As at As at As at
30 June 30 June 30 June 30 September
2005 2005 2004 2004
Convenience
translation
US$000 £000 £000 £000
Fixed assets
Intangible assets 9,044 5,044 6,095 5,832
Tangible assets 21,374 11,921 12,798 12,362
Investments 4,122 2,299 2,942 2,942
34,540 19,264 21,835 21,136
Current assets
Debtors 15,857 8,844 4,748 4,460
Short term investments 305,111 170,168 100,302 93,061
Cash at bank and in hand 4,798 2,676 2,874 2,678
325,766 181,688 107,924 100,199
Creditors
Amounts falling due within one year (74,302) (41,440) (13,764) (15,603)
Net current assets 251,464 140,248 94,160 84,596
Total assets less current liabilities 286,004 159,512 115,995 105,732
Creditors
Amounts falling due after more than one year (35,534) (19,818) (21,299) (20,650)
Net assets 250,470 139,694 94,696 85,082
Capital and reserves
Called-up share capital 9,255 5,162 4,109 4,111
Share premium account 541,036 301,749 226,779 226,829
Other reserve 24,127 13,456 13,456 13,456
Profit and loss account (323,948) (180,673) (149,648) (159,314)
Shareholders funds - all equity 250,470 139,694 94,696 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 NINE MONTHS ENDED 30 JUNE 2005
Consolidated Cash Flow Statement
(unaudited) Nine months Nine months Nine months Year
ended ended ended ended
30 June 30 June 30 June 30 September
2005 2005 2004 2004
Convenience
translation
US$000 £000 £000 £000
Net cash outflow from operations (3,503) (1,954) (22,902) (31,067)
Returns on investments and servicing of
finance
Interest received 7,418 4,137 3,035 4,295
Interest element of finance leases (72) (40) (61) (78)
7,346 4,097 2,974 4,217
Taxation - - - (64)
Capital expenditure and financial
investment
Purchase of tangible fixed assets (2,847) (1,588) (729) (1,032)
Sale of tangible fixed assets - - 1 6
Sale of fixed asset investments 3,772 2,104 - -
925 516 (728) (1,026)
Net cash inflow/(outflow) before
management of liquid resources and
financing 4,768 2,659 (20,656) (27,940)
Management of liquid resources (138,594) (77,297) 8,260 15,357
Financing
Issue of ordinary share capital 136,216 75,971 14,171 14,223
Capital elements of finance lease rental
payments (500) (279) (258) (348)
135,716 75,692 13,913 13,875
Increase in cash 1,890 1,054 1,517 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 30 June 2005
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$1.793, the noon buying rate as of 30
June 2005. 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
FRS 14 requires presentation of diluted EPS when a company could be called upon
to issue shares that would decrease net profit or increase net loss per share.
For a loss making company with outstanding share options, net loss per share
would only be increased by the exercise of out-of-the-money options. Since it
seems inappropriate to assume that option holders would act irrationally, no
adjustment has been made to diluted EPS for out-of-the-money share options,
diluted EPS equals basic EPS. The calculation is based on information in the
table below.
Nine months Nine months Year
ended ended ended
30 June 30 June 30 September
2005 2004 2004
Losses (£000) 21,620 28,381 38,126
Weighted average number of shares 48,623,619 40,787,824 40,866,684
The Company had ordinary shares in issue of 51,619,762 and a total of 2,205,953
ordinary shares under option as of 30 June 2005.
Turnover
Nine months Nine months Nine months Year
ended ended ended ended
30 June 30 June 30 June 30 September
2005 2005 2004 2004
Convenience
translation
US$000 £000 £000 £000
Royalties 9,263 5,166 2,673 6,328
Licence fees 6,835 3,812 3,378 4,601
Technical milestones 1,971 1,099 1,601 1,610
Clinical milestones 1,397 779 556 1,091
Contract research fees 638 356 1,535 1,829
Other 1,656 924 375 466
Total 21,760 12,136 10,118 15,925
Deferred income
£000
Balance brought forward at 1 October 2004 25,810
Cash receipts 961
Held in debtors 2,610
Released to revenue (4,203)
Other (251)
Deferred income at 30 June 2005 24,927
Reconciliation of operating loss to operating cash outflow
Nine months Nine months Nine months Year
ended ended ended ended
30 June 30 June 30 June 30 September
2005 2005 2004 2004
Convenience
translation
US$000 £000 £000 £000
Operating loss (50,243) (28,022) (31,458) (42,192)
Depreciation charge 3,625 2,022 2,142 2,826
Amortisation of intangible fixed assets 1,413 788 788 1,051
Profit on disposal of fixed assets - - - (3)
Write down of fixed asset investment - - 215 215
EIP charge 355 198 - 144
Increase in debtors (6,353) (3,543) (121) (24)
(Decrease)/increase in deferred income (1,583) (883) 4,515 4,086
Increase in creditors (excluding deferred
income) 49,283 27,486 1,017 2,830
Operating cash outflow (3,503) (1,954) (22,902) (31,067)
Analysis and reconciliation of net funds
1 October Cash flow Exchange 30 June 30 June
2004 movement 2005 2005
£000 £000 £000 £000 US$000
Cash at bank and in hand 2,678 - (2) 2,676 4,798
Overdrafts (1,512) 1,054 - (458) (821)
1,054 (2)
Liquid resources 92,559 77,297 - 169,856 304,552
Net cash and liquid resources 93,725 78,351 (2) 172,074 308,529
Finance leases (820) 279 - (541) (970)
Net funds 92,905 78,630 (2) 171,533 307,559
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
Nine months Year
ended ended
30 June 30 September
2005 2004
£000 £000
Loss for the financial period (21,620) (38,126)
Other recognised gains and losses relating to the period 63 1,099
(21,557) (37,027)
New shares issued (net of expenses) 75,971 14,223
Executive Incentive Plan 198 144
Net increase/(decrease) in shareholders funds 54,612 (22,660)
Opening shareholders funds 85,082 107,742
Closing shareholders funds 139,694 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 nine month periods
ended 30 June 2005 and 30 June 2004 have not been audited. The results for the
year ended 30 September 2004 have been extracted from the statutory financial
statements which have been filed with the Registrar of Companies 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:
Cambridge Antibody Technology Group plc
Milstein Building
Granta Park
Cambridge
CB1 6GH, UK
Tel: +44 (0) 1223 471471
Quarterly financial information
Three Three Three
months months months
ended ended ended
30 June 31 March 31 December
2005 2005 2004
£000 £000 £000
Consolidated profit and loss account
(unaudited):
Turnover 2,291 7,130 2,715
Direct costs (143) (2,035) -
Gross profit 2,148 5,095 2,715
Research and development expenses (9,322) (8,907) (9,176)
General and administration expenses (1,500) (2,650) (6,425)
Operating loss (8,674) (6,462) (12,886)
Profit on sale of fixed asset investments 1,461 - -
Interest receivable (net) 1,934 1,835 1,172
Loss on ordinary activities before taxation (5,279) (4,627) (11,714)
Taxation on loss on ordinary activities - - -
Loss for the financial period (5,279) (4,627) (11,714)
Consolidated cash flow statement
(unaudited):
Net cash (outflow)/inflow from operations (9,101) 17,374 (10,227)
Returns on investments and servicing of
finance
Interest received 1,638 1,672 827
Interest paid (11) (14) (15)
1,627 1,658 812
Taxation - - -
Capital expenditure and financial investment
Purchase of tangible fixed assets (725) (597) (266)
Sale of fixed asset investment 2,104 - -
1,379 (597) (266)
Net cash (outflow)/inflow before management (6,095) 18,435 (9,681)
of liquid resources and financing
Management of liquid resources (6,619) (8,372) (62,306)
Financing
Issue of ordinary share capital 34 555 75,382
Capital elements of finance lease rental (95) (93) (91)
payments (61) 462 75,291
(Decrease)/increase in cash (12,775) 10,525 3,304
- ENDS -
Notes To Editors
Cambridge Antibody Technology (CAT):
Business:
CAT is a biopharmaceutical company, aiming to bring improvements to seriously
ill patients lives and thereby create outstanding returns for shareholders. CAT
seeks to develop products independently and in collaboration with partners,
using its capabilities and technologies in the discovery and development of new
and innovative antibody medicines in selected therapeutic areas. CAT also seeks
to licence its technologies to enable others to develop new medicines.
CAT has strong financial foundations which arise from its balance sheet strength
and the revenue stream from HUMIRA royalties. The diversified pipeline of
licensed antibody product candidates offers good prospects for growth in the
medium term and significant longer term opportunities arise from CATs
proprietary development and alliances, especially with Genzyme and AstraZeneca.
Products:
HUMIRA, licensed to Abbott, is the first CAT-derived antibody to be approved for
marketing. It was isolated and optimised in collaboration with Abbott and has
been approved for marketing as a treatment for rheumatoid arthritis (RA) in 57
countries, and for psoriatic arthritis and early RA in some European countries.
There are six further CAT-derived antibodies licensed to partners at various
stages of clinical development, including ABT-874 (Abbott), LymphoStat-B,
HGS-ETR1, HGS-ETR2 (all Human Genome Sciences (HGSI)) and MYO-029 (Wyeth). CAT
has also licensed its proprietary technologies and patents to several companies.
CATs licensees include Abbott, Amgen, Chugai, Dyax, Genzyme, HGSI, Merck & Co,
Micromet, Pfizer and Wyeth, and three antibody drug candidates are in clinical
development at patent licensees.
There is one proprietary CAT human therapeutic antibody product candidates in
clinical development, CAT-354, and one in pre-clinical development with Genzyme,
GC-1008.
Collaborations:
CAT has a broad collaboration with Genzyme for the development and
commercialisation of antibodies directed against TGF beta, a family of proteins
associated with fibrosis and scarring, and with potential application in the
treatment of some cancers.
CAT has a major strategic alliance with AstraZeneca to discover and develop
human antibody therapeutics, principally in inflammatory disorders. This
provides CAT with the opportunity to build a substantial pipeline of antibody
therapeutics with a significant pharmaceutical partner.
CAT has a co-development collaboration with Amrad against GM-CSF Receptor, a
potential drug target in RA.
Science:
CAT 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, which form the basis for the Companys strategy to
develop a portfolio of antibody-based drugs.
Business Background:
Based near Cambridge, UK, CAT currently employs around 290 people.
CAT is listed on the London Stock Exchange (CAT) and on NASDAQ (CATG).
More information can be found at www.cambridgeantibody.com
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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