Press Releases

AMERICAN BIOGENETIC SCIENCES UPDATES INFORMATION AND PROCEEDS WITH EFFORTS ON VACCINE AGREEMENTS

Copiague, New York, January 9, 2002 American Biogenetic Sciences, Inc. (ABS or Company) (Symbol:MABA)is updating information that was contained in its November 26, 2001 press release in connection with its negotiations related to distribution agreements on vaccines for human and livestock diseases (human vaccines and livestock vaccines) with manufacturers of such vaccines in the Russian Federation (Russia or Russian).

ABS has entered into an agreement effective on November 30, 2001 with the All-Russian Research Institute of Veterinary Virology and Microbiology (Veterinary Institute) that grants ABS rights for at least 10 years to act as the Veterinary Institute's exclusive distributor outside of Russia for certain biological products related to animals, including livestock vaccines (livestock biological products). The Veterinary Institute owns and manufactures livestock biological products and is owned and operated by the Russian Academy of Agricultural Sciences, an organization established by the Russian government.

Under its agreement with the Veterinary Institute, ABS plans to market the livestock biological products by making them available to pharmaceutical companies, government agencies and regulatory authorities outside of Russia for testing and evaluation. The terms of the sale of and specifications related to livestock biological products will be negotiated from time to time with the Veterinary Institute. The ability of the Company to sell livestock biological products, including vaccines, is subject to the results of testing and evaluation and the approval of government agencies and regulatory authorities in the relevant country or jurisdiction. ABS further plans that any sales of livestock biological products will be made through one or more sub-distributors that may arrange any necessary testing and evaluation. ABS has not signed any agreements with a sub-distributor. ABS cannot predict if and when it will receive any revenues from sales of livestock biological products. ABS is responsible for its own expenses and costs in connection with the Veterinary Institute agreement.

Subsequent to November 26, 2001, ABS learned that the manufacturing facilities for human vaccines formerly owned and operated by the Russian Ministry of Health (Ministry) had been privatized. Therefore, ABS entered into agreements called Protocols of Understanding and Mutual Support with a department of the Ministry on December 13, 2001 and with the Ministry at the Federation level on December 27, 2001, which Protocols obligate the Ministry to provide the following assistance to ABS: (1) facilitate the establishment of contracts with one or more manufacturers in Russia of certain human vaccines that would give ABS the right to market such vaccines outside of Russia; (2) facilitate the ability of ABS to obtain the licenses and permits that are necessary in Russia to acquire and export such human vaccines; and (3) monitor the manufacturing and testing of vaccine production to ensure compliance with the good manufacturing practices that are adopted in compliance with applicable Russian regulations.

In conjunction with the Ministry, the Company is undertaking efforts to obtain agreements with manufacturers of human vaccines in Russia, but ABS has not yet signed any agreements. If any such agreements are signed, ABS plans to market human vaccines by making them available to pharmaceutical companies, government agencies and regulatory authorities outside of Russia for testing and evaluation. The ability of the Company to sell human vaccines will be subject to the results of testing and evaluation and the approval by government agencies and regulatory authorities in the relevant country or jurisdiction. The terms of the sale of and specifications related to human vaccines would be negotiated from time to time with the manufacturers. ABS further plans that any sales of human vaccines will be made through one or more sub-distributors that may arrange any necessary testing and evaluation. ABS has not signed any agreements with a sub-distributor. ABS cannot predict if and when it will receive any revenues from the sale of human vaccines. ABS will be responsible for its own expenses and costs in connection with any such manufacturers' agreement.

American Biogenetic Sciences, Inc., based in Copiague, NY, is a development stage company engaged in researching and developing diagnostic tests for cardiopulmonary conditions and treatments for neurological disorders, including epilepsy, migraine, mania, and Alzheimer's disease. As a developer of biogenetic technologies and compounds, ABS to date has been issued over 75 patents, both US and foreign, and there are over 100 patents pending.

Note Regarding Forward-Looking Statements

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this press release that are not historical facts are forward-looking statements that involve a number of known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the results of testing and evaluation; the ability of the Company to obtain necessary government agency and regulatory approvals of any of the vaccines and the extended time and expense necessary to do so; the ability of vaccine manufacturing facilities in Russia to meet all quality and manufacturing practices; the presence of potentially negative side-effects and concerns regarding the efficacy of and lack of experience by the regulators with the specific human vaccines which may inhibit approval for sale in the United States or certain other countries; the Company’s lack of experience with these types of vaccines; the ability to consummate necessary agreements with manufacturers and sub-distributors, and to make sales of the vaccines and other biological products; the activities of competitors; changes in regulations applicable to livestock biological products and human vaccines and the administration of such regulations; the general condition of the economy; and other risks detailed in the Company's Securities and Exchange Commission (SEC) filings. In addition, a discussion of the risks and uncertainties related to the Company's other areas of business are detailed in the Company's SEC filings, including its annual report or Form 10-K. The words "intend," "expect," "anticipate," and "plan" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.

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