CAT Catco Reinsurance Opportunities Fund Limited

RNS No 7146h
CAMBRIDGE ANTIBODY TECHNOLOGY
27th February 1998

Announces Phage Display Agreement with Dyax Corp

Cambridge Antibody Technology (CAT) has today signed a licence agreement with
Dyax Corp of Cambridge, Massachusetts, USA.

Under the terms of the agreement Dyax has granted CAT a world-wide,
non-exclusive revenue-bearing licence under Dyax patent rights covering phage
display for research, development and commercialisation of therapeutic and
certain diagnostic products.  As part of the Agreement, CAT has granted Dyax
certain rights under CAT's phage display patent rights, except in the area of
therapeutic antibodies, where CAT has only granted Dyax four options for
non-exclusive revenue-bearing licences for therapeutic antibody products not
already being developed by CAT or its partners.


 For further information, please contact:

Cambridge Antibody Technology                     01763 263 233
David Chiswell       Chief  Executive  Officer       
John Aston           Finance Director


HCC De Facto Financial                            0171 957 4600
Nicola How

HCC De Facto Cambridge                            01223 518 093
Andrew Worsfold

Notes for Editors

1. CAT's business is based on a world leading platform technology for the
rapid isolation of human monoclonal antibodies.  The technology has
applications both in the development of antibody-based human therapeutic
products and as a drug discovery tool, particularly for functional genomics.

CAT is capitalising on the strength of its platform technology by building a
diverse portfolio of antibody-based human therapeutic products.

CAT is also using its platform technology as a drug discovery tool, to seek to
secure licenses and collaborative agreements with other pharmaceutical
companies, including genomics companies, thereby gaining further access to
antibody targets of potential therapeutic interest.

CAT had already entered into a number of licence and collaborative agreements
with pharmaceutical and biotechnology companies.  These include ICOS
Genentech, Pfizer, Eli Lilly, Knoll (BASF), Knoll (BASF)/Genetics Institute,
Mitsubishi Chemical, Techniclone and ObeSys (with BTG).


END





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