Thumbs Ups Abgenix

In early November, Amgen/NASDAQ: AMGN and Abgenix/NASDAQ: ABGX announced that a Phase III study of panitumumab met the primary endpoint of improving progression-free survival in patients with metastatic colorectal cancer. Of the 463 patients in the trial, those who received panitumumab every two weeks showed a 46% decrease in tumor progression rate versus those who received best supportive care alone. The 46% decrease surpassed the trial's primary endpoint, which aimed for a 33% decrease in tumor progression. A secondary endpoint of objective response rate was also met.

With this new data, panitumumab is more than a "me too" drug. Panitumumab will compete against ImClone/Bristol-Myer’s Erbitux with dosing convenience, biweekly vs. once weekly administration and less infusion site reactions. Amgen and Abgenix plan to submit panitumumab’s BLA filing in the first quarter of 2006 with the anticipation of approval within six months. It will be a transforming event for Abgenix. Once panitumumab is marketed, Abgenix will receive 50% of worldwide profits from partner Amgen. Panitumumab has the potential to capture 50% market share in front-line and third-line colorectal cancer. The data from the PACE trial of panitumumab in front-line treatment, won’t be available until 2009, but there is the potential of interim data along the way. Besides, once ImClone and Bristol-Myers release positive results from their EPIC study in 2006, panitumumab will further its potential as a second-line colorectal cancer treatment. Based on the positive news, we raise our target price for Abgenix to $17

DISCLAIMER

Information transmitted via BioSpace.com has been provided by publisher, Nadine Wong, of the "Biotech Sage Report" Investment Newsletter and all comments and opinions are solely those of Nadine Wong. Information provided is not guaranteed as to completeness or accuracy by Nadine Wong (the "Biotech Sage Report" publisher), BioSpace, Inc., or any person. Such Information is neither an offer to sell nor a solicitation to buy the securities of any company. The security portfolio of the editor of this newsletter, our employees, principals or affiliated companies may, in some instances, include securities and/or options on securities mentioned in each issue. Additional information is available upon request. Information in this publication has been obtained from sources believed to be reliable, but the accuracy, completeness and interpretation are not guaranteed. Opinions expressed are subject to change without notice. The Information and views provided by the "Biotech Sage Report" Newsletter are prepared by Nadine Wong, and in no way reflect the views or efforts of BioSpace, Inc., any of BioSpace's employees or officers. BioSpace, and BioSpace's employees and officers, as well as (www.biotechnav.com) Wong & Wong, Inc, and Wong & Wong Inc.'s employees and officers, in no way accept responsibility for any of the Newsletter's content.

While all reasonable care has been taken to ensure that the Information contained herein is presented in good faith, and is not untrue or misleading at the time of publication, BioSpace, Inc. and Nadine Wong make no representation as to its accuracy or completeness and it should not be relied upon as such. The Information is supplied on the condition that the reader or any other person receiving the Information will make his or her own determination as to its suitability for any purpose prior to any use of the Information. From time to time, BioSpace, Inc. and any officers or employees of BioSpace, Inc., as well as Nadine Wong and or (www.biotechnav.com) Wong & Wong, Inc., and any officers or employees of Wong & Wong, Inc., may, to the extent permitted by law, have a position or otherwise be interested in any transactions, in any investments (including derivatives) directly or indirectly in the subject of this report. Also BioSpace, Inc. and (www.biotechnav.com) Wong & Wong, Inc., may, from time to time solicit business from any company mentioned in this report. This report is provided solely for the information of viewers of BioSpace.com and/or viewers and subscribers of the Newsletters, who are expected to make their own investment decisions without reliance on this report. Neither BioSpace, Inc. nor any officer or employee of BioSpace, Inc., nor Nadine Wong or (www.biotechnav.com) Wong & Wong, Inc., or any officer or employee of Wong & Wong, Inc., accepts any liability whatsoever for any direct, indirect, special or consequential damages or loss arising from any use of this report or their contents. This report may not be reproduced, distributed or published by any recipient for any purpose without the prior express consent of the publishers. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, trademark or copyright of BioSpace.com, Nadine Wong or (www.biotechnav.com) Wong & Wong, Inc., or any third party.

The value of the investment(s) to which this report relates and their income yield(s) may go up or down. The investment(s) referred to in this report may not be suitable for private investors: if you are in any doubt you should seek advice from your investment advisor. Changes in rates of currency exchange may have an adverse effect on the value, price or income of investments. Statements as to past performance of any investment are not a guide to future performance. The levels and bases of taxation can change, and if you are in doubt you should seek independent professional advice. In some cases it may be difficult for you to sell or realize your investment or to obtain reliable information about its value or the extent of the risks to which you are exposed.

THIS INFORMATION IS PROVIDED "AS IS" AND NO REPRESENTATIONS OR WARRANTIES, EITHER EXPRESS OR IMPLIED OF ACCURACY, MERCHANTIBILITY FITNESSFOR A PARTICULAR PURPOSE OR OF ANY OTHER NATURE ARE MADE WITH RESPECT TO THIS INFORMATION OR TO ANY EXPRESSED VIEWS PRESENTED IN THIS INFORMATION.