AGM Statement

Cambridge Antibody Tech Group PLC
1 February 2002



02/CAT/04

EMBARGOED UNTIL

13.00 GMT 08.00 EST Friday 1 February 2002
For Further Information Contact:            Weber Shandwick Square Mile (Europe)

Cambridge Antibody Technology               Tel: [phone]

Tel: [phone]                   Kevin Smith

David Chiswell, Chief Executive Officer     Graham Herring

John Aston, Finance Director

Rowena Gardner, Head of Corporate
Communications
                                            BMC Communications/The Trout Group 
                                            (USA)

                                            Tel: [phone]

                                            Brad Miles, ext. 17 (media)

                                            Brandon Lewis, ext. 15 (investors)


                    CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC

                     2002 ANNUAL GENERAL MEETING STATEMENT

Since our report to shareholders in late November, we have continued to build on
our achievements of last year. We have announced two new collaborations and
progress within two existing collaborations. In December we announced a product
development collaboration with AMRAD Corporation committed to the joint
discovery and development of human antibody-based therapeutics that neutralise
the receptor for granulocyte-macrophage colony stimulating factor (GM-CSF
Receptor). Also in December we announced an agreement with Incyte Genomics which
gives CAT access to the Incyte LifeSeq(R) Gold database and options for product
development rights.

In January we announced that Human Genome Sciences has exercised an option for
an exclusive licence on a human monoclonal antibody to TRAIL Receptor 1
(TRAIL-R1), being evaluated as an anti-cancer drug by HGS. We also announced
that Immunex has exercised an exclusive licence option in respect of development
and potential commercialisation of human monoclonal antibodies, one of eight
granted by CAT to Immunex under an agreement signed in December 2000.

Since announcing our intention to initiate succession planning for CAT's CEO, I
can report that we are making progress and a number of candidates are currently
being considered.

And finally, we have recently announced that we have entered into a definitive
agreement pursuant to which CAT will make an offer by way of a takeover bid for
all of the issued shares of Drug Royalty Corporation. DRC generates strong cash
flow from its portfolio of drug royalty interests and its acquisition will be of
incremental value to CAT as it progresses its monoclonal antibody therapies
through clinical development. DRC's net cash position will provide CAT with
further funding, as it continues the creation and development of its growing
pipeline of new antibody drugs. CAT will also benefit from indirectly acquiring
the benefits of its royalty-based obligations under its existing contract with
DRC, which expire in 2009.'


                                        Professor Peter Garland,

                                        Chairman,

                                        Cambridge Antibody Technology Group plc.



                                     -ENDS-

Notes to Editors:

Cambridge Antibody Technology (CAT)

  • CAT is a UK biotechnology company using its proprietary technologies in
    human monoclonal antibodies for drug discovery and drug development. Based
    near Cambridge, England, CAT currently employs around 250 people.
  • CAT is listed on the London Stock Exchange and on NASDAQ since June 2001.
    CAT raised £41m in its IPO in March 1997 and £93m in a secondary offering in
    March 2000.
  • CAT has an advanced platform technology for rapidly isolating human
    monoclonal antibodies using phage display systems. CAT has extensive phage
    antibody libraries, currently incorporating more than 100 billion distinct
    antibodies. These libraries form the basis for the Company's strategy to
    develop a portfolio of antibody-based drugs and to utilise antibodies as
    tools for target validation. Six human therapeutic antibodies developed by
    CAT are at various stages of clinical trials.
  • CAT has alliances with a large number of biotechnology and pharmaceutical
    companies to discover, develop and commercialise human monoclonal
    antibody-based products. CAT has also licensed its proprietary human
    antibody phage display libraries to several companies for target validation
    and drug discovery. CAT's collaborators include: Abbott, AMRAD, Elan, Eli
    Lilly, Genetics Institute, Genzyme, Human Genome Sciences, Immunex, Incyte,
    Merck & Co., Inc, Oxford GlycoSciences, Pharmacia, Pfizer, Wyeth-Ayerst,
    Xerion and Zyomyx.



Application of the Safe Harbor of the Private Securities Litigation Reform Act
of 1995: This press release contains statements about 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 US Securities Exchange Act of 1934.

These forward looking statements are based on numerous assumptions regarding
CAT's present and future business strategies and the environment in which CAT
will operate in the future. Certain factors that could cause CAT's actual
results, performance or achievements to differ materially from those in the
forward looking statements include: market conditions, CAT's ability to enter
into and maintain collaborative arrangements, success of product candidates in
clinical trials, regulatory developments and competition.





                      This information is provided by RNS
            The company news service from the London Stock Exchange