ABBI Abraxis Bioscience (MM)

Abraxis BioScience, Inc. (NASDAQ:ABBI), an integrated, global biopharmaceutical company, today announced an agreement with the University of Southern California (USC) that provides Abraxis with the exclusive worldwide development and commercialization rights for an intellectual property portfolio of diagnostic protein biomarkers for therapy response, therapy toxicity and disease recurrence in colorectal cancers (CRCs). Financial terms were not disclosed. The intellectual property licensed is based on USC research by Associate Professor of Medicine Heinz-Joseph Lenz and colleagues. USC Stevens Institute for Innovation facilitated the licensing transaction. While surgery currently is the treatment of choice in earlier stages of colorectal disease, the research team, led by Dr. Lenz of the Norris Cancer Center in the USC Keck School of Medicine, discovered a broad range of molecular biomarkers and diagnostic tools that may better predict therapy response rate, the overall outcome and survival rate for patients with CRC. The goal of this continued research is to combine prognostic markers with specific therapeutic agents, which would enable clinicians to tailor therapy to the molecular profile of the patient while minimizing life-threatening toxicities. �The era of predictive, personalized evidence-based medicine has arrived. This type of research is only the beginning as we embark upon the future of personalized medicine and empower physicians to provide customized therapy for each patient they treat,� said Patrick Soon-Shiong, M.D., chairman and chief executive officer of Abraxis BioScience. �We look forward to continuing the work of Dr. Lenz and value the commitment of USC to bring these discoveries to widespread clinical application both as therapeutic tools and diagnostic discovery.� In recent years, research studies on a global scale have attempted to define subsets of biochemical markers that may be useful predictors of response to treatment (evaluated through clinical response, toxicity and time to disease progression) and prognostic markers which are equally as important in determining the aggressiveness of CRC as well as other diseases. �Many CRC patients succumb to their disease and a significant proportion will experience severe treatment-associated toxicities while deriving little or no benefit. The licensing agreement with Abraxis, and the furthering of this research, could help to overcome this significant concern and enable physicians to select the most effective and least toxic therapy for patients with colorectal cancer,� said Professor Lenz. �USC is committed to innovation -- the process of translating new ideas into tangible societal impact,� said Krisztina Holly, USC Vice Provost and Executive Director for the USC Stevens Institute for Innovation. �The relationship with Abraxis Bioscience is a perfect example of how the right partnership can transfer research from lab to market, with the goal of making a difference in people�s lives.� Added Toni Gray, Senior Licensing Associate for USC Stevens, �By licensing these important innovations in CRC prognostics, Abraxis has demonstrated an innovative approach as well as a commitment to meeting the needs of critically ill patients, now and in the future.� Colorectal cancer is the third most commonly diagnosed cancer in both men and women in the United States with a predicted 149,000 new cases this year and remains the second leading cause of cancer-related deaths in the Western world with an estimated 55,000 deaths in the United States in 2006. About Abraxis BioScience, Inc. Abraxis BioScience, Inc. is an integrated global biopharmaceutical company dedicated to meeting the needs of critically ill patients. The company develops, manufactures and markets one of the broadest portfolios of injectable products and leverages revolutionary technology such as its nab� platform to discover and deliver breakthrough therapeutics that transform the treatment of cancer and other life-threatening diseases. The first FDA approved product to use this nab platform, ABRAXANE�, was launched in 2005 for the treatment of metastatic breast cancer. Abraxis trades on the Nasdaq Global Market under the symbol ABBI. For more information about the company and its products, please visit www.abraxisbio.com. About the USC Stevens Institute for Innovation The USC Stevens Institute for Innovation (http://stevens.usc.edu) is a university-wide resource in the Office of the Provost at the University of Southern California designed to harness and advance the creative thinking and breakthrough research at USC for societal impact. USC Stevens identifies, nurtures, protects, and transfers the most exciting innovations from USC to the market, and in turn, provides a central connection for industry seeking cutting-edge innovations in which to invest. Furthermore, USC Stevens develops the innovator as well as innovations, through educational programs, community-building events, and showcase opportunities. From the biosciences and technology to music and cinematic arts, USC Stevens connects faculty, students, and the business community to create an environment for stimulating and inspiring the process of innovation across all disciplines. FORWARD-LOOKING STATEMENT The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release include statements regarding our expectations, beliefs, hopes, goals, intentions, initiatives or strategies, including statements regarding the development of the licensed intellectual property portfolio. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those in the forward-looking statements. The development of the licensed intellectual property portfolio could be affected by a number of factors, including unexpected safety, efficacy or manufacturing issues, additional time requirements for data analyses and decision making, the impact of pharmaceutical industry regulation, the impact of competitive products and pricing and the impact of patents and other proprietary rights held by competitors and other third parties. Additional relevant information concerning risks can be found in Abraxis BioScience's Form 10-K for the year ended December 31, 2006 and other documents it has filed with the Securities and Exchange Commission. The information contained in this press release is as of the date of this release. Abraxis assumes no obligations to update any forward-looking statements contained in this press release as the result of new information or future events or developments.