ABBOTT PARK, Ill., and COPIAGUE, N.Y., Jan. 27 /PRNewswire/ -- Abbott Laboratories (NYSE: ABT) and American Biogenetic Sciences, Inc. (ABS) (OTC Bulletin Board: MABA) announced today an agreement for Abbott to license ABS's novel neurological compound, ABS-103. The agreement gives Abbott the exclusive rights to develop and market the compound worldwide. As a result of the agreement, Abbott will make upfront investments including taking an equity position in ABS as well as making additional milestone payments. Studies are expected to start in February 2000. Terms of the agreement were not disclosed.
"We are pleased with this agreement because ABS-103 is an extremely promising compound for central nervous system disorders, and it also demonstrates our strong commitment to our Neuroscience Franchise," said Arthur Higgins, senior vice president, pharmaceutical operations, Abbott Laboratories. "Depakote(R) (divalproex sodium), our largest U.S. pharmaceutical product, is used for several neurological and psychiatric conditions. The product has been experiencing double-digit growth in the past few years and we expect that growth to continue in the future. ABS-103 represents one of many strategies we're pursuing to build upon this leadership position in neuroscience."
"We are pleased to be taking a major step in the development of ABS-103 with the leader in this market," said John S. North, president and chief executive officer, ABS. "Abbott will build upon the scientific innovation of ABS in the further development of this product. Additionally, Abbott's large and experienced marketing and sales organization gives the greatest opportunity for commercial success."
American Biogenetic Sciences, Inc., based in Copiague, N.Y., researches and develops diagnostic tests for cardiac conditions and infectious diseases, as well as new treatments for neurological disorders including epilepsy, migraine, mania, Parkinson's disease and Alzheimer's disease. ABS also seeks out new technologies and conducts research and development through its Global Scientific Network in the United States, Europe, Israel, Russia and China.
merican Biogenetic Sciences' news releases and other information are available on the company's Web site at .
Abbott Laboratories is committed to the research and development of novel treatments for neurological and psychiatric conditions that will enable patients to lead productive lives. Abbott is a global, diversified healthcare company devoted to the discovery, development, manufacture and marketing of pharmaceutical, diagnostic, nutritional and hospital products. The company employs 57,000 people and markets its products in more than 130 countries. In 1999, the company's sales and net earnings were $13.2 billion and $2.5 billion, respectively, with diluted earnings per share of $1.57. Abbott's news releases and other information are available on the company's Web site at http://www.abbott.com .
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and uncertainties that could cause actual results to differ materially from those anticipated. For further details and a discussion of these risks and uncertainties, see the companies' Securities and Exchange Commission
filings including their annual report or Form 10-K.