CATCo Regulatory News (CAT)

7 Jan 2005 11:30

Cambridge Antibody Tech Group PLC07 January 2005 04/CAT/19 FOR IMMEDIATE RELEASE 11:30 GMT, 06:30 EST, Friday 7 January 2005 For further information contact: Cambridge Antibody Technology Weber Shandwick Square Mile (Europe) Tel: +44 (0) 1223 471 471 Tel: +44 (0) 20 7067 0700 Peter Chambre, Chief Executive Officer Kevin Smith John Aston, Chief Financial Officer Sarah MacLeod 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 ANNOUNCESCHANGES TO THE BOARD AND EXECUTIVE GROUP Cambridge, UK - Cambridge Antibody Technology (LSE: CAT; NASDAQ: CATG) todayannounces changes to the Company's Board of Directors and Executive Group. Dr David Glover, Chief Medical Officer at CAT, will take early retirement fromthe Company and the Board after the Company's Annual General Meeting (AGM) on 4February 2005. David was appointed to the Board of CAT in July 1997, havingjoined the Company as Vice President Medical Development in November 1994. Asthe first senior management appointee from the pharmaceutical industry to theCompany, David played a fundamental role in establishing product developmentcapabilities and expertise in CAT. He has made a major contribution to theCompany's successful institutional fundraising activities. Following David's retirement, Dr Patrick Round, VP Development at CAT, willassume responsibility for all of CAT's development activities and will join theCompany's Executive Group, which has responsibility for the operationalmanagement of the Company. Before joining CAT in May 2004, Patrick was Directorof Development at Celltech and has also held positions at Glaxo Wellcome, NovoNordisk A/S, Denmark and Novo Nordisk Pharmaceuticals, UK. Diane Mellett, General Counsel at CAT and Company Secretary, will join the Boardof Directors following the Company's AGM in February. Diane joined CAT inOctober 1997 as Vice President Legal Affairs and Company Secretary, havingpreviously worked in private practice in the UK. Immediately prior to joiningCAT, she worked for an American law firm in London and Chicago. In addition tobeing a solicitor, Diane is qualified as a US attorney admitted to the IllinoisBar. Paul Nicholson, Chairman of CAT, said "We would like to thank David for theinvaluable contribution he has made to the Company and for the expertise andprofessionalism he has brought to CAT. David has played a huge role in helpingto build CAT from a small private biotech company to where it stands today.David has our very best wishes for the future. We look forward to welcoming Diane to the Board. Diane has been a key member ofthe executive team of CAT over many years. Her appointment as a Director isthoroughly deserved and we expect the Board will benefit greatly from her input. Since joining CAT last May, Patrick has already made a significant contributionto CATs progress. He will be a very valuable addition to the Companys ExecutiveGroup." -ENDS- Notes to Editors Cambridge Antibody Technology (CAT): CAT is a biopharmaceutical company using its proprietary technologies andcapabilities in human monoclonal antibodies for drug discovery and drugdevelopment. Based near Cambridge, England, CAT currently employs around 280people CAT is a leader in the discovery and development of human therapeutic antibodiesand has an advanced proprietary technology for rapidly isolating humanmonoclonal antibodies using phage display and ribosome display systems. CAT hasextensive phage antibody libraries, currently incorporating more than 100billion distinct antibodies. These libraries form the basis for the Companysstrategy to develop a portfolio of antibody-based drugs. Four CAT human therapeutic antibody products are now at various stages ofclinical development, with one further product candidate in pre-clinicaldevelopment. HUMIRA, the leading CAT-derived antibody, isolated and optimised incollaboration with Abbott, has been approved for marketing as a treatment forrheumatoid arthritis in 51 countries. Six further licensed CAT-derived human therapeutic antibodies are in clinicaldevelopment by licensees, with four further licensed product candidates inpre-clinical development. CAT has alliances with a number of pharmaceutical and biotechnology companies todiscover, develop and commercialise human monoclonal antibody-based products. On 22 November 2004, CAT announced a major strategic alliance with AstraZenecato discover and develop human antibody therapeutics in inflammatory disorders. CAT has a broad collaboration with Genzyme for the development andcommercialisation of antibodies directed against TGFb, a family of proteinsassociated with fibrosis and scarring. This collaboration has so far given riseto one antibody product candidate at clinical development stage, and one atpre-clinical development stage. CAT has also licensed its proprietary technologies to several companies. CATslicensees 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 itsIPO in March 1997 and £93m in a secondary offering in March 2000. Application of the Safe Harbor of the Private Securities Litigation Reform Actof 1995: This press release contains statements about Cambridge AntibodyTechnology Group plc ("CAT") that are forward looking statements. All statementsother than statements of historical facts included in this press release may beforward looking statements within the meaning of Section 21E of the SecuritiesExchange Act of 1934. These forward looking statements are based on numerousassumptions regarding the companyOs present and future business strategies andthe environment in which the company will operate in the future. Certain factorsthat could cause the companyOs actual results, performance or achievements todiffer materially from those in the forward looking statements include: marketconditions, CATOs ability to enter into and maintain collaborative arrangements,success of product candidates in clinical trials, regulatory developments andcompetition. We caution investors not to place undue reliance on the forwardlooking statements contained in this press release. These statements speak onlyas of the date of this press release, and we undertake no obligation to updateor revise the statements. 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