CAT Catco Reinsurance Opportunities Fund Limited

RNS No 7509h
CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC
26th March 1999


For Further Information Contact:
Cambridge Antibody Technology Group plc
Dr David Chiswell, Chief Executive Officer       Tel: +44 (0) 1763 263233
John Aston, Finance Director

HCC.De Facto
Trade/Science, Andrew Worsfold                   Tel: +44 (0) 171 496 3300
City/Financial, Nicola How
              
                                                                              
                  CAT AND BASF EXTEND RESEARCH COLLABORATION                  
                                                                              
               AGREEMENT REACHED ON THIRD DEVELOPMENT PROGRAMME               


Melbourn, UK Cambridge Antibody Technology ("CAT") announces that it has
reached agreement with BASF Bioresearch Corporation ("BBC"), Worcester,
Massachusetts, part of BASF Pharma, on an extension and modification of its
existing collaborative programme.  Under this programme BASF may select up to
six target antigens against which CAT will develop antibodies.  CAT has
developed fully human monoclonal antibodies against the first two targets
selected by BASF which are now in the clinic or in pre-clinical development. 
BASF has now selected a third target and CAT has started work on developing a
fully human monoclonal antibody.

CAT  receives milestone and royalty payments for developed antibodies entering
the clinic and subsequently commercialised by BASF. 

CAT's Chief Executive, Dr David Chiswell commented:

"We have worked with BASF for a number of years.  We are extremely pleased at
the confidence they have shown in CAT in starting a third collaboration with
us. "


Notes to Editors

CAT
CAT is a UK biotechnology company using its proprietary technologies in fully
human monoclonal antibodies for drug discovery and drug development.  Based in
Melbourn, 10 miles south of Cambridge, England, CAT currently employs around
150 people.  In March 1997, CAT completed its initial public offering and
listing on the London Stock Exchange, raising approximately #41 million.

CAT has a world-leading platform technology for rapidly isolating fully human
monoclonal antibodies using phage display systems.  CAT has an extensive phage
display antibody library, currently incorporating around 100 billion distinct
antibodies. This library forms the basis for the company's strategy to develop
a portfolio of clinical development programmes and for discovering new drug
leads using functional genomics.  The first two antibody products it developed
started clinical trials in 1997, in inflammation and fibrosis.

CAT has a number of license and collaborative agreements in place with
pharmaceutical and biotechnology companies including: Eli Lilly, Pfizer, BASF
Pharma, Genentech, ICOS Corporation, Genetics Institute/BASF Pharma and
Mitsubishi Chemical.


BASF
BASF Pharma is the label used to designate the global corporate pharmaceutical
operations of BASF, headquartered at Knoll AG in Ludwigshafen.   In 1998, BASF
Pharma sales amounted to DM4.51 billion, representing an increase of 11% over
the preceding year.  The work-force numbers more than 13,000, of which more
than 3,700 are employed in Germany.


CAT / BASF - Current Collaborations
In November of last year, BASF announced Phase I/IIa clinical results for its
fully human anti-TNF alpha (Tumour Necrosis Factor) monoclonal antibody (D2E7)
for the treatment of rheumatoid arthritis, developed in conjunction with CAT. 

In a second programme, CAT has developed a high-potency anti-IL12 (Interleukin
12) fully human monoclonal antibody for the treatment of inflammatory
disorders; this antibody is currently progressing through the pre-clinical
phase.   Anti-IL-12 antibodies could have application in a number of severe
autoimmune and inflammatory diseases.


END

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