RNS Number:3205P
Cambridge Antibody Tech Group PLC
03 September 2003
03/CAT/19
FOR IMMEDIATE RELEASE
07.00 BST, 02.00 EST Wednesday 3 September 2003
For further information contact:
Cambridge Antibody Technology Weber Shandwick Square Mile (Europe)
Tel: +44 (0) 20 7067 0700
Tel: +44 (0) 1223 471 471
Kevin Smith
Peter Chambre, Chief Executive Officer
Rachel Lankester
John Aston, Chief Financial Officer
Rowena Gardner, Director of Corporate
Communications
BMC 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 FINANCIAL RESULTS FOR THE NINE
MONTHS ENDED 30 JUNE 2003
Cambridge, UK... Cambridge Antibody Technology Group plc (LSE: CAT; NASDAQ:
CATG) today announces financial results for the nine months ended 30 June 2003
and an update on business since the Interim Report in May 2003.
Summary
* Nine CAT-derived products in clinical development
* HUMIRATM, isolated and optimised by CAT in collaboration with Abbott,
granted positive opinion by EMEA for the treatment of rheumatoid arthritis
* Enrolment completed in Phase II/III European clinical trial of TrabioTM
* Results of CAT-213 Phase I/II allergen challenge study. Process of
partnering CAT-213 commenced
* CAT-354, a human anti-IL13 monoclonal antibody, optimised using ribosome
display, expected to enter clinical development by end of 2004
* Approval to start UK Phase I clinical trial of TRAIL-R2 mAb received
(HGSI)
* Phase I clinical trial of ABthraxTM commenced; awarded "fast track"
status by the FDA (HGSI)
* Further key phage display patent (Griffiths) granted in the US
* Financial results for the nine-month period in line with expectations:
* Loss for the nine months ended 30 June 2003: #26.5 million
* Cash and short-term investments at 30 June 2003: #112.8 million
Product Development
HUMIRATM
On 22 May 2003 the European Medicines Evaluation Agency (EMEA) adopted a
positive opinion on HUMIRA for the treatment of rheumatoid arthritis (RA).
HUMIRA was isolated and optimised by CAT in collaboration with Abbott
Laboratories. Abbott is responsible for the clinical development and marketing
of HUMIRA. HUMIRA is already marketed in the US and is the first CAT-derived
antibody to receive approval for marketing. HUMIRA, when approved in the EU,
will be the first human monoclonal antibody approved in the EU for RA.
On 16 April 2003 Abbott received marketing approval for HUMIRA in Switzerland,
an event that triggered a milestone payment to CAT from Abbott.
On 29 May 2003 Abbott announced that it had raised its 2003 sales expectations
for HUMIRA to over $250 million. Phase III clinical trials in psoriatic
arthritis, juvenile RA and Crohn's disease and a Phase II clinical trial of
HUMIRA in patients with chronic plaque psoriasis, all conducted by Abbott,
continue.
As described in CAT's interim results for the six months ended 31 March
2003, CAT's entitlement to royalties in relation to sales of HUMIRA is
governed by an agreement dated 1 April 1995 between Cambridge Antibody
Technology Limited and Knoll Aktiengesellschaft (now a subsidiary of Abbott
Laboratories). The agreement allows for offset, in certain circumstances, of
royalties due to third parties against royalties due to CAT, subject to a
minimum royalty level. Abbott indicated to CAT in March 2003 its wish to
initiate discussions regarding the applicability of these royalty offset
provisions for HUMIRA. CAT believes strongly that the offset provisions do not
apply and is seeking an outcome consistent with that position. The Company is
not anticipating resolution of this issue in the near future.
CAT Product Candidates
CAT intends that the current Phase II/III European clinical trial and the
International Phase III clinical trial will form the basis of submission for a
licence to market Trabio (lerdelimumab, CAT-152), a human anti-TGFb2 monoclonal
antibody being developed as an anti-scarring agent to improve the outcome of
glaucoma filtration surgery.
On 17 June 2003, CAT announced the completion of enrolment in the Phase II/III
European clinical trial of Trabio, with 344 patients undergoing first time
trabeculectomy enrolled at major eye hospitals in six countries. Data from this
trial are expected to be available towards the end of 2004. Patient enrolment in
both the International Phase III clinical trial and the recently commenced US
clinical trial is progressing.
Discussions continue with potential partners with a view to marketing and
selling Trabio.
Following completion of patient enrolment in the first quarter of 2003 in the
Phase I/II clinical trial of CAT-192 (metelimumab), a human anti-TGFb1
monoclonal antibody being
developed with Genzyme as a potential treatment for diffuse systemic sclerosis,
data are expected to be available in the fourth quarter of 2003.
Pre-clinical studies of GC-1008, a human anti-panTGFb monoclonal antibody, being
developed jointly by CAT and Genzyme, continue and it is expected that an IND
will be filed in the fourth quarter of 2003 for clinical trials in idiopathic
pulmonary fibrosis.
Preliminary data from the Phase I/II allergen challenge study of a topically
applied single dose of CAT-213 (bertilimumab), a human anti-eotaxin1 monoclonal
antibody, in allergic conjunctivitis, show CAT-213 to be safe and well
tolerated, although there was no evidence of statistically significant
pharmacological activity. However, data from a study of the effects of CAT-213
on sputum from asthmatics suggests a possible role for CAT-213 as a treatment
for severe and unstable asthma(1) , adding to data obtained from a single-dose
Phase I/II allergic rhinitis challenge study in 2002 which showed that CAT-213
has a significant positive effect upon nasal patency and reduces the numbers of
tissue eosinophils and mast cells associated with nasal allergen challenge.
Following an internal review of its product development portfolio, and
specifically its opportunities in asthma, CAT has commenced the process of
partnering CAT-213.
CAT-354 is a human anti-IL13 monoclonal antibody, derived from proprietary
research programmes and optimised using ribosome display. It has entered
pre-clinical development and is being developed as a treatment for asthma and
possibly also for chronic obstructive pulmonary disease. Subject to the
achievement of pre-clinical milestones, CAT expects that CAT-354 will enter
clinical development by the end of 2004.
Licensed Product Candidates
There has been progress with several antibodies deriving from CAT's
collaboration with Human Genome Sciences, Inc (HGSI): four are now in clinical
trials.
In April 2003, HGSI announced its intention to initiate Phase II clinical trials
of LymphoStat-BTM in patients with Systemic Lupus Erythematosus (SLE) soon and
in patients with RA in the second half of 2003. HGSI also announced that
LymphoStat-B has received Fast Track Product Designation from the US FDA for the
treatment of SLE.
The Phase I clinical trials of TRAIL-R1 mAb, a human anti-TRAIL-R1 monoclonal
antibody, being carried out by HGSI in patients with advanced cancers continue.
HGSI expects to report results in 2004. A Phase I clinical trial in patients
with multiple myeloma has commenced.
On 11 July 2003, HGSI announced that it had received clearance from the UK
Medicines and Healthcare Products Regulatory Agency allowing it to begin
clinical development of TRAIL-R2 mAb. HGSI has initiated a Phase I open-label,
dose-escalating study in the UK to evaluate the safety and pharmacology of
TRAIL-R2 mAb in patients with advanced tumours. This is HGSI's first
clinical trial conducted in Europe.
On 25 June 2003, HGSI announced that it had received clearance from the US Food
and Drug Administration (FDA) of its Investigational New Drug (IND) application
to begin human trials of ABthrax, a novel drug for the prevention and treatment
of anthrax infections. On 19 August 2003, HGSI announced that it had received
Fast Track Product Designation from the US FDA for ABthrax and confirmed that it
had initiated a Phase I placebo-controlled, dose-escalation clinical trial. The
clinical trial will evaluate the safety, tolerability and pharmacokinetics of
ABthrax in healthy adults to evaluate different dose levels of intramuscularly
administered ABthrax and intravenously administered ABthrax.
According to the guidelines set forth in the US Bioterrorism Act, successful
studies in relevant experimental models will be considered sufficient to
establish efficacy for licensure and marketing approval. ABthrax has been
demonstrated to be effective in preventing the lethal effects of anthrax
infection in two relevant models. According to the guidelines, clinical trials
will be required to establish safety, tolerability, and pharmacology, but not
efficacy. HGSI has stated that large-scale development and manufacture of
ABthrax is dependent on US government funding.
On 29 May 2003, Abbott announced development progress with ABT-874 (formerly
J695), a human anti-IL12 monoclonal antibody isolated and optimised by CAT in
collaboration with Abbott. Abbott discussed promising Phase II Crohn's disease
data for ABT-874, and announced plans for a Phase II study in multiple sclerosis
in the first half of 2004.
There are three product candidates at pre-clinical development stage at CAT's
collaborators.
Further discussions with respect to CAT's collaboration with Pfizer are ongoing,
as are discussions with Wyeth regarding the next phase of that collaboration.
Today CAT announces that it has granted Xerion Pharmaceuticals AG, a private
German biotech company, options to take licences to develop and commercialise
antibodies derived from CAT's proprietary antibody phage display
libraries. CAT will receive development based milestone payments and royalties
on antibody products developed by Xerion and its collaborators.
Discovery Stage Programmes
There are ongoing research programmes to 13 distinct molecular targets at CAT.
Over half of these programmes are funded or co-funded by CAT, including
programmes with Amgen, Amrad and Elan.
Intellectual property
In July 2003, CAT granted a licence to Affimed Therapeutics AG in respect of its
phage display patents. CAT received an upfront fee, and will receive milestone
and royalty payments on any products developed by Affimed and its collaborators.
On 15 July 2003, a key patent in the Griffiths family of patents was issued in
the US, bringing the number of patents in the Griffiths family issued in the US
during 2003 to five. They are continuations of an earlier CAT application that
issued as US 5,885,793.
The key patent, US 6,593,081, relates to methods of producing human antibodies
that bind to human receptors and have the ability to trigger such receptors.
Such agonistic antibodies represent an important class of antibody drugs, and
include TRAIL-R1 mAb and TRAIL-R2 mAb. The four other patents, US 6,521,404, US
6,544,731, US 6,555,313 and US 6,582,915
relate to methods for producing human antibodies which bind to human
self-antigens. The methods avoid any need to immunise humans to produce such
antibodies and allow the production of human antibodies to virtually any human
self-antigen.
Management
On 21 July 2003 CAT announced the promotion of Dr Richard Mason to the post of
VP Business Development and member of CAT's Executive Group. Dr Mason will lead
CAT's business development opportunities going forward and succeeds Jason Avery
who has resigned from the Company.
Financial results
CAT made a loss after taxation for the nine months ended 30 June 2003 of #26.5
million (nine months ended 30 June 2002: #21.5 million; year ended 30 September
2002: #28.2 million). Net cash outflow before management of liquid resources and
financing for the period was #19.0 million (nine months ended 30 June 2002:
#20.1 million outflow; year ended 30 September 2002: #28.3 million outflow).
Cash and short-term investments at 30 June 2003 amounted to #112.8 million (30
June 2002: #137.9 million; 30 September 2002 #129.8 million).
Revenue in the period was #6.4 million (nine months ended 30 June 2002: #6.9
million; year ended 30 September 2002: #9.5 million). A clinical milestone
payment was received from Abbott during the third quarter following product
licence approval of HUMIRA in Switzerland. Revenues of #3.2 million were
generated from contract research fees under ongoing collaborations with Pfizer,
HGSI, Wyeth Research and Merck & Co., Inc of which #0.6 million was received
during the third quarter. Licence fees of #1.7 million were recognised in the
period, principally licence fees released from deferred income brought forward
at 30 September 2002. The library licence granted to Chugai Pharmaceutical Co.,
Ltd (Chugai) came into effect during the third quarter of the current financial
year.
Operating costs for the period amounted to #38.8 million (nine months ended 30
June 2002: #34.2 million; year ended 30 September 2002: #47.5 million). External
development costs have risen significantly from #4.4 million in the nine months
ended 30 June 2002 to #10.0 million in the nine months ended 30 June 2003, with
increased activity on clinical trials, particularly Trabio and the Genzyme
collaboration. Staff and infrastructure costs were higher in the current period
than for the nine months ended 30 June 2002 primarily as a result of the
increase in staff numbers (from an average of 269 during the nine month period
ended 30 June 2002 to an average of 300 during the period), and the leasing of
premises at Granta Park.
During the period the Group accrued interest receivable on its cash deposits of
#3.5 million (nine months ended 30 June 2002: #5.0 million; year ended 30
September 2002: #6.4 million) reflecting the reduced level of cash and liquid
resources held in interest bearing securities and the lower interest rates
available.
In June 2003 CAT received a research and development tax credit of #3.1 million
following submission of CAT's tax computation for the financial year ending
30 September 2002.
Tax of #0.4 million was witheld on the first licence payment received from
Chugai earlier in the year.
Purchases of tangible fixed assets for the period were #4.9 million (nine months
ended 30 June 2002: #6.3 million; year ended 30 September 2002: #7.9 million),
principally due to the final costs associated with the construction and fit out
of CAT's premises at Granta Park.
CAMBRIDGE ANTIBODY TECHNOLOGY GROUP plc
Results for the NINE MONTHS ended 30 June 2003
CONSOLIDATED PROFIT AND LOSS ACCOUNT
(unaudited) Convenience Nine months Nine months Year ended
translation ended 30 June ended 30 30 September
2003 June 2002 2002
Nine months
ended 30 June (audited)
2003
US$'000 #'000 #'000 #'000
Turnover 10,569 6,394 6,873 9,471
Direct costs (384) (232) (64) (80)
Gross profit 10,185 6,162 6,809 9,391
Research and development expenses (53,418) (32,318) (20,968) (31,307)
Drug Royalty Corporation - - (7,913) (7,913)
transaction costs
Other general and (10,769) (6,515) (5,288) (8,321)
administration expenses
General and administration expenses (10,769) (6,515) (13,201) (16,234)
Operating loss (54,002) (32,671) (27,360) (38,150)
Interest receivable (net) 5,775 3,494 4,960 6,386
Loss on ordinary activities before (48,227) (29,177) (22,400) (31,764)
taxation
Taxation on loss on ordinary 4,463 2,700 920 3,557
activities
Loss for the financial period (43,764) (26,477) (21,480) (28,207)
Loss per share - basic and diluted 72.8p 60.2p 78.7p
(pence)
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
(unaudited) Convenience Nine months Nine months Year ended
translation ended ended 30 June 30 September
2002 2002
Nine months 30 June 2003 (audited)
ended 30
June 2003
US$'000 #'000 #'000 #'000
Loss for the financial period (43,764) (26,477) (21,480) (28,207)
Gain (loss) on foreign exchange 851 515 65 96
translation
Total recognised losses relating to the (42,913) (25,962) (21,415) (28,111)
period
The losses for all periods arise from continuing operations.
This financial information has been prepared in accordance with UK GAAP. The
dollar translations are solely for the convenience of the reader.
CAMBRIDGE ANTIBODY TECHNOLOGY GROUP plc
Results for the NINE MONTHS ended 30 JUNE 2003
CONSOLIDATED BALANCE SHEET
(unaudited) Convenience As at 30 June As at 30 June As at 30
translation 2003 2002 September
as at 2002 (audited)
30 June 2003
US$'000 #'000 #'000 #'000
Fixed assets
Intangible assets 11,810 7,145 8,252 7,933
Tangible fixed assets 23,884 14,450 9,133 12,429
Investments 355 215 215 215
36,049 21,810 17,600 20,577
Current assets
Debtors 6,210 3,757 4,769 6,556
Short term investments 185,761 112,385 135,569 126,694
Cash at bank and in hand 2,195 1,328 2,335 3,081
194,166 117,470 142,673 136,331
Creditors
Amounts falling due within one year (23,301) (14,097) (9,511) (12,563)
Net current assets 170,865 103,373 133,162 123,768
Total assets less current liabilities 206,914 125,183 150,762 144,345
Creditors
Amounts falling due after more than one (23,461) (14,194) (8,330) (8,580)
year
Net assets 183,453 110,989 142,432 135,765
Capital and reserves
Called-up share capital 6,038 3,653 3,621 3,621
Share premium account 336,676 203,688 202,505 202,534
Other reserve 22,241 13,456 13,456 13,456
Profit and loss account (181,502) (109,808) (77,150) (83,846)
Shareholders' funds - all 183,453 110,989 142,432 135,765
equity
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 2003
CONSOLIDATED CASH FLOW STATEMENT
(unaudited) Convenience Nine months Nine months Year ended 30
translation ended 30 June ended 30 June September
2003 2002 2002
Nine months (audited)
ended
30 June 2003
US$'000 #'000 #'000 #'000
Net cash outflow from operations (35,063) (21,213) (20,162) (26,808)
Returns on investments and servicing of
finance
Interest received 7,433 4,497 6,335 7,558
Interest paid (46) (28) - -
7,387 4,469 6,335 7,558
Taxation 8,822 5,337 - 920
Capital expenditure and financial
investment
Purchase of intangible assets (4,418) (2,673) - (2,067)
Purchase of tangible fixed assets (8,179) (4,948) (6,316) (7,894)
Sale of tangible fixed assets 7 4 - -
(12,590) (7,617) (6,316) (9,961)
Net cash outflow before management of
liquid resources and financing (31,444) (19,024) (20,143) (28,291)
Management of liquid resources 23,651 14,309 20,659 29,534
Financing
Issue of ordinary share capital 1,960 1,186 1,419 1,448
Proceeds from new finance lease 1,779 1,076 - -
commitments
Capital elements of finance lease rental (266) (161) - -
payments
3,473 2,101 1,419 1,448
(Decrease)/increase in cash (4,320) (2,614) 1,935 2,691
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 2002.
Convenience translation
The consolidated financial statements are presented in pounds sterling. The
consolidated financial statements as of and for the period ended 30 June 2003
are also presented in United States 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$1.6529, the noon buying rate as
of 30 June 2003. No representation is made that the amounts could have been or
could be converted into United States Dollars at this or any other rates.
Drug Royalty Corporation transaction costs
General and administration expenses include #7.9 million of costs incurred in
the year ended 30 September 2002 relating to the two transactions entered into
with Drug Royalty Corporation Inc. of Canada (DRC) during that year (2001:
none). In January 2002, CAT announced a recommended offer for the whole of DRC.
A competing offer was made by Inwest Investments Ltd of Canada which was
accepted in April 2002. Under an agreement with DRC, the Group received a
payment of #1.5 million in 1994 in return for rights to a percentage of revenues
(and certain other payments) received by the Group over a period terminating in
2009. The #1.5 million was deferred and recognised over the period for which
the rights were purchased. On 2 May 2002, CAT bought out this royalty
obligation to DRC for #6.1 million (C$14 million) with the issue of 463,818 CAT
shares to DRC. The remaining balance of #0.6 million of deferred income was all
released in 2002. The professional fees incurred in the Group's bid and
royalty buy-back were #1.8 million.
Loss per share
The loss per ordinary share and diluted loss per share are equal because share
options are only included in the calculation of diluted earnings per share if
their issue would decrease the net profit per share or increase the net loss per
share. The calculation is based on the following for the nine months ended 30
June 2003, the nine months ended 30 June 2002 and the year ended 30 September
2002 respectively: Losses of #26,477,000, #21,480,000, and #28,207,000.
Weighted average number of shares in issue of 36,369,209, 35,699,076 and
35,828,446. The Company has ordinary shares in issue of 36,531,756 and a total
of 1,814,732 ordinary shares under option as of 30 June 2003.
Reconciliation of operating loss to operating cash outflow
Convenience Nine months Nine months Year ended 30
translation ended 30 ended 30 September
June 2003 June 2002 2002
Nine months
ended 30 June
2003
US$'000 #'000 #'000 #'000
Operating loss (54,002) (32,671) (27,360) (38,150)
Depreciation charge 3,741 2,263 2,467 2,617
Amortisation of intangible fixed assets 1,302 788 281 882
Shares issued to buy out DRC royalty - - 6,149 6,149
agreement
Loss on disposal of fixed assets 155 94 - -
Increase in debtors (1,342) (812) (288) (158)
(Decrease)/increase in creditors 15,083 9,125 (1,411) 1,852
(35,063) (21,213) (20,162) (26,808)
Analysis and reconciliation of net funds
1 October Cash flow Exchange 30 June 2003
movement
2002
#'000 #'000 #'000 #'000
Cash at bank and in hand 3,081 (1,723) (30) 1,328
Overdrafts - (891) - (891)
(2,614)
Finance leases - (915) - (915)
Liquid resources 126,694 (14,309) - 112,385
Net funds 129,775 (17,838) (30) 111,907
Nine months Year ended
ended 30 June
2003 30 September
2002
#'000 #'000
(Decrease)/increase in cash in the period (2,614) 2,691
Cash inflow from increase in lease financing (915) -
(Decrease) in liquid resources (14,309) (29,534)
Change in net funds resulting from cash flows (17,838) (26,843)
Exchange movement (30) (32)
Movement in net funds in period (17,868) (26,875)
Net funds at 1 October 2002 129,775 156,650
Net funds at 30 June 2003 111,907 129,775
Reconciliation of movements in group shareholders' funds
Nine months Year ended
ended 30 June
2003 30 September
2002
#'000 #'000
Loss for the financial period (26,477) (28,207)
Other recognised gains and losses relating to the period 515 325
(25,962) (27,882)
New shares issued 1,186 7,597
Net decrease in shareholders' funds (24,776) (20,285)
Opening shareholders' funds 135,765 156,050
Closing shareholders' funds 110,989 135,765
Page 13 of 15
Financial Statements
The preceding information, comprising the Consolidated Profit and Loss Account,
Consolidated Statement of Total Recognised Gains and Losses, Consolidated
Balance Street, Consolidated Cash Flow Statement and associated notes, does not
constitute the Company's statutory financial statements for the year
ended 30 September 2002 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 2003 and 30 June 2002 have not been audited or reviewed in
accordance with Bulletin 1999/4 issued by the Auditing Practices Board. The
results for the year ended 30 September 2002 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 2002
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
Quarterly financial information
Three months Three months Three months
ended 30 June ended 31 March ended 31
2003 2003 December 2002
#'000 #'000 #'000
Consolidated profit and loss account (unaudited):
Turnover 2,417 2,572 1,405
Direct costs (207) (16) (9)
Gross profit 2,210 2,556 1,396
Research and development expenses (10,973) (10,111) (11,234)
General and administration expenses (2,593) (1,914) (2,008)
Operating loss (11,356) (9,469) (11,846)
Interest receivable (net) 1,016 1,172 1,306
Loss on ordinary activities before taxation (10,340) (8,297) (10,540)
Taxation on loss on ordinary activities 2,700 - -
Loss for the financial period (7,640) (8,297) (10,540)
Consolidated cash flow statement (unaudited):
Net cash outflow from operations (8,726) (7,073) (5,414)
Returns on investments and servicing of finance
Interest received 912 2,537 1,048
Interest paid (18) (10) -
894 2,527 1,048
Taxation 2,700 - 2,637
Capital expenditure and financial investment
Purchase of intangible assets - - (2,673)
Purchase of tangible fixed assets (683) (1,439) (2,826)
Sale of tangible fixed assets 1 3 -
(682) (1,436) (5,499)
Net cash outflow before management of liquid
resources and financing (5,814) (5,982) (7,228)
Management of liquid resources 4,914 (850) 10,245
Financing
Issue of ordinary share capital 479 19 688
Proceeds from new finance lease commitments - 572 504
Capital elements of finance lease rental payments (58) (67) (36)
421 524 1,156
(Decrease) /increase in cash (479) (6,308) 4,173
Cambridge Antibody Technology (CAT):
* CAT is a UK-based biotechnology 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 290
people.
* CAT is a leader in the discovery and development of human therapeutic
antibodies and has an advanced proprietary platform 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 Company's strategy to develop a portfolio of antibody-based
drugs.
* HUMIRATM, the leading CAT-derived antibody, isolated and optimised in
collaboration with Abbott has been approved by the US Food and Drug
Administration for marketing in the US as a treatment for rheumatoid
arthritis. Approval in Europe is expected by Abbott in mid-2003.
* Eight further CAT-derived human therapeutic antibodies are at various
stages of clinical trials. There are five candidate therapeutic antibodies 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. CAT has co-development programmes with Amgen, Amrad, Elan and
Genzyme.
* CAT has also licensed its proprietary technologies to several companies.
CAT's licensees include: Abbott, Amgen, Chugai, Human Genome Sciences,
Merck & Co, Pfizer and Wyeth Research.
* 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.
IL-13
* IL-13 is an interleukin (protein) which has potent immunomodulatory
effects. It is primarily secreted by TH2 lymphocytes. It is believed to be a
highly relevant target molecule in airways obstruction, acute exacerbations of
asthma and in chronic airways remodelling.
(1) Dent, G et al Contribution of eotaxin (CCL11) to eosinophil chemotactic
activity of asthmatic sputum. Presentation at 12th European Respiratory
Society Annual Congress, September 2002, Stockholm, Sweden.
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 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
END
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