Abgenix losses widen in second quarter

US biotechnology firm Abgenix reported a net loss of $14.8 million, or$0.17 per share, for the second quarter of 2001, compared with a loss of $2.4 million, or $0.03 per share, for the like, year-earlier period. Revenues for the quarter increased 140% to $8.4 million. Including interest income, total revenues were up 30.1% at $16 million. Abgenix ended the quarter with approximately $575.4 million in cash, cash equivalents and short-term investments. The firm also holds long-term investments, primarily in corporate partners, totaling $113.9 million.

Commenting on highlights of the quarter, Abgenix notes that it has:

- initiated a Phase II clinical trial of its lead cancer antibody, ABX-EGF, for kidney cancer;