Abgenix to Consolidate Research Facilities in Preparation for Expanded Development and Commercial Operations

30-Jun-2005

Abgenix, Inc. announced that the company is consolidating its research and pre-clinical activities into the company's Canadian facility in Burnaby, British Columbia. With the consolidation, Abgenix maintains appropriate research capabilities and capacity to meet its future internal needs, as well as those of its partners. Abgenix intends to sublease the resulting excess research space near its Fremont headquarters, while retaining its pilot, clinical and commercial scale manufacturing capabilities, also located in Fremont. These changes will result in a reduction of approximately 15% in the company's workforce.

These steps are designed to focus resources on the company's development pipeline, and particularly the potential commercial opportunity of its lead product candidate, panitumumab, the first fully human monoclonal antibody to inhibit EGFr. Panitumumab, which was generated with Abgenix's XenoMouse(R) technology, is being evaluated as both a monotherapy and in combination with other agents for the treatment of various types of cancer, including colorectal, lung and kidney.

"We concluded from our strategic review that we have excess capacity, primarily in our research personnel and facilities, and believe we will maximize efficiency by consolidating our research and preclinical activities in our Canadian location," said Bill Ringo, president and chief executive officer of Abgenix. "These adjustments will enable us to expand our development and commercial operations later this year and next, as we prepare for the manufacturing and potential co-promotion of panitumumab with our partner, Amgen," Mr. Ringo added.

https://www.analytica-world.com/en/news/47278/abgenix-to-consolidate-research-facilities-in-preparation-for-expanded-development-and-commercial-operations.html