COPIAGUE, N.Y., Feb. 4 -- American Biogenetic Sciences, Inc. (ABS) (Nasdaq: MABXA - news) announced that it has retained the investor relations firm, Redington, Inc., of Westport, Connecticut, for financial communications counseling and programs. On January 25, 1999, ABS engaged Newport Beach, California-based FNG & Associates, Inc. to manage communications with certain West Coast regional audiences. The twin agreements are part of a strategy designed by new ABS President and CEO John S. North to increase awareness in the investment community regarding the company's impressive array of diagnostic and neuroscience products.
``ABS has a robust portfolio of both approved products and products under development. The challenge to date has been to assemble the right team and seize upon the right operating plan to commercially exploit ABS' technological riches. I firmly believe we now have that team and that plan, and I am eager to share that message with current and future ABS shareholders.''
Thomas Redington, President of Redington, Inc. said, ``Over the past three months they ABS has taken significant steps to streamline the company, and to sharpen the focus of its operating plan. The recent appointment of Dr. Yale Arkel as Coordinator of Clinical Development will greatly benefit the company's diagnostic program. Most importantly, the company recruited a respected pharmaceutical industry executive, with nearly 30 years of experience with Eli Lilly (NYSE: LLY - news), as the new CEO. I'm frankly impressed with the leadership and vision John North has demonstrated, and the speed and sense of urgency with which he has made important changes.''
Redington, Inc., ABS plans a series of national market road show during the first quarter of 1999, to introduce Mr. North to investors, brokers and analysts, and to unveil the company's operating priorities for the coming 12 months.
American Biogenetic Sciences, based in Copiague, New York, researches and develops diagnostic tests for cardiac conditions and infectious diseases, as well as new treatments for neurological disorders including epilepsy, migraine, mania, Parkinsons and Alzheimer's disease. ABS also seeks out new technologies and conducts research and development throughout its Global Scientific Network, in the U.S., Europe, Israel, Russia and China.
Statements in this release that are not strictly historical are ``forward- looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995, and should be considered as subject to various risks 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 Company's Securities and Exchange Commission filings, including its annual report on Form 10-K.