Statement re Legal Action
26 January 2005 - 2:00AM
UK Regulatory
RNS Number:7757H
Cambridge Antibody Tech Group PLC
25 January 2005
For further information contact: Weber Shandwick Square Mile
(Europe)
Cambridge Antibody Technology Tel: +44 (0) 20 7067 0700
Tel: +44 (0) 1223 471 471 Kevin Smith
Peter Chambre, Chief Executive Officer Sarah Macleod
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 LEGAL ACTION WITH ABBOTT:
PROCEDURAL HEARING ON 28 JANUARY 2005
Cambridge, UK... On 20 December 2004, judgment was given in Cambridge Antibody
Technology's (LSE: CAT; NASDAQ: CATG) favour in its action in the High Court in
London against Abbott in relation to the level of HUMIRA royalties (see CAT news
release 04//CAT/18). At that time various procedural matters arising from the
judgment were held over to be decided at a subsequent hearing. CAT now reports
that Mr Justice Laddie will hear argument (and is likely to decide at the
hearing) on these various procedural matters, including whether either party
shall be responsible for the other party's costs of the trial and whether either
party may have the right to appeal the decision, in a hearing in open court
commencing at 10.30 GMT on Friday 28 January 2005.
CAT will issue a news release reporting the Judge's rulings as soon as practical
after the hearing is finished.
-ENDS-
Notes to Editors
Cambridge Antibody Technology (CAT):
* CAT is a biopharmaceutical 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 280
people.
* CAT is a leader in the discovery and development of human therapeutic
antibodies and 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. These libraries form the basis
for the Company's strategy to develop a portfolio of antibody-based drugs.
* Four CAT human therapeutic antibody products are now at various stages
of clinical development, with one further product candidate in pre-clinical
development.
* HUMIRA, the leading CAT-derived antibody, isolated and optimised in
collaboration with Abbott, has been approved for marketing as a treatment
for rheumatoid arthritis in 51 countries. Six further licensed CAT-derived
human therapeutic antibodies are in clinical development by licensees, with
four further licensed product candidates 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 a strategic alliance with AstraZeneca to discover and develop
human antibody therapeutics in inflammatory disorders.
* CAT has a broad collaboration with Genzyme for the development and
commercialisation of antibodies directed against TGF, a family of proteins
associated with fibrosis and scarring. This collaboration has so far given
rise to one antibody product candidate at clinical development stage, and
one at pre-clinical development stage.
* CAT has also licensed its proprietary technologies to several companies.
CAT's licensees include: Abbott, Amgen, Chugai, Genzyme, Human Genome
Sciences, Merck & Co, Pfizer and Wyeth Research.
* CAT is listed on the London Stock Exchange and on NASDAQ. CAT raised
#41m in its IPO in March 1997 and #93m in a secondary offering in March
2000.
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 company's present and future business strategies and
the environment in which the company will operate in the future. Certain factors
that could cause the company'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. 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
END
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