Press Releases

ABBOTT DISCONTINUES LICENSING AGREEMENT

ABS Seeks New Partners For ABS-103 Neurological Compound

Copiague, New York, November 9, 2001 – American Biogenetic Sciences, Inc. (ABS) (NASDAQ:MABA) today announced that it will reacquire, from Abbott Laboratories, the license rights for ABS’ neurological compound ABS-103 designed for the treatment of epilepsy, bipolar mania (“affective” illness) and the prevention of migraine headache.

“We are committed to identifying new global partners that will bring ABS-103 to market,” ABS’ president and chief operating officer, Josef C. Schoell said, “We have enjoyed our relationship with Abbott, and understand their decision to discontinue the license.”

ABS’ recent award of U.S. Patent No. 6,268,396 as an improved method for treating and preventing migraine headaches and affective illness extends the ABS-103 related patent protection to 2019. Migraine headaches afflict more than 20 million people in the United States alone, with treatment costs exceeding $1 billion annually.

“We currently are in discussions with prospective global partners for a range of ABS technologies, which will now include ABS-103,” said Mr. Schoell. “We are confident that we can reach agreements with partners whose research and marketing strategies would benefit from the addition of these therapeutics. Our goal is to structure agreements that will benefit our shareholders and most important, the millions of patients who need to see these drugs reach the market quickly.”

American Biogenetic Sciences, Inc., based in Copiague, NY, researches and develops diagnostic tests for cardiopulmonary conditions and infectious diseases, as well as new treatments for neurological disorders, including epilepsy, migraine, mania, and Alzheimer’s disease.

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 (including risks related to successful licensing, development and marketing of ABS-103 and other products and technologies) 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 or 10-K form.

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For a complete analysis of the ABS’ pipeline go to: /research.html.

 

 


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