Abraxis BioScience Exclusively Licenses Intellectual Property Portfolio Designed to Personalize Treatment for Colorectal Cancer

  
    
  
  
    
      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.