Genmab Announces Results for the First Nine Months of 2003 COPENHAGEN, Denmark, November 5 /PRNewswire/ -- - Summary: Genmab Presents Results for the First Nine Months of 2003 Genmab A/S (CSE: GEN) announced today results for the nine-month period ended September 30, 2003. During this period, Genmab reported the following results: -- Total Revenue of DKK 68.3 million (approx. USD 10.7 million) compared to DKK 0 in the corresponding period in 2002 -- Net Loss of DKK 192.8 million (approx. USD 30.3 million) compared to a Net Loss of DKK 276.7 million (approx. USD 43.4 million) for the same period in 2002 -- Operating Loss of DKK 215.5 million (approx. USD 33.8 million) compared to an Operating Loss in the corresponding period in 2002 of DKK 314.7 million (approx. USD 49.4 million) with research and development costs representing 84% of operating costs in 2003 -- Cash position of DKK 1.130 billion (approx. USD 177.4 million) as of September 30, 2003, compared to a cash position at the end of 2002 of DKK 1.369 billion (approx. USD 214.8 million) -- Net Financial Income totalling DKK 22.7 million (approx. USD 3.6 million) compared to Net Financial Income of DKK 38.5 million (approx. USD 6.0 million) in the corresponding period in 2002 -- Net Loss of DKK 8.46 per share (approx. USD 1.33 per share), compared to a Net Loss of DKK 12.48 per share (approx. USD 1.96 per share) in the same period in 2002 HIGHLIGHTS OF THE THIRD QUARTER In addition to continuing work on its broad portfolio that includes three Phase II programs, two Phase I/II and one program moving toward the clinic, Genmab had a number of business and scientific achievements during the third quarter of 2003, including: -- Initiating a Phase I/II trial using HuMax-EGFr to treat head and neck cancer -- Achieving the second milestone in the agreement with Amgen by delivering an antibody that targets the IL15 receptor -- Expanding the pipeline with the HuMax-HepC antibody for potential treatment of hepatitis C virus infections "Genmab has made considerable progress so far this year in moving clinical and pre-clinical projects forward," said Lisa N. Drakeman, Ph.D., Chief Executive Officer. "While doing this, we have also managed to reduce operating costs and focus on maximising the use of our financial resources." Conference Call Genmab's Management will hold a conference call to discuss the news today, Wednesday, November 5, at 6:00 pm CET 5:00 pm BST 12:00 pm US Eastern Time The dial-in numbers are as follows: +1-800-915-4836 (in the US) and ask for the Genmab conference call +1-973-317-5319 (outside the US) and ask for the Genmab conference call Slides relevant for the conference call can be found on Genmab's website www.genmab.com. The conference call will be held in English. To read Genmab's entire results for the nine-month period ended September 30, 2003 please visit: http://www.genmab.com/pdf/interim_rpt_3q_03_uk.pdf About Genmab A/S Genmab A/S is a biotechnology company that creates and develops human antibodies for the treatment of life-threatening and debilitating diseases. Genmab has numerous products in development to treat cancer, rheumatoid arthritis and other inflammatory conditions, and intends to assemble a broad portfolio of new therapeutic products arising from research into the human genome. At present, Genmab has multiple partnerships to gain access to disease targets and develop novel human antibodies including agreements with Roche and Amgen. A broad alliance provides Genmab with access to Medarex, Inc.'s array of proprietary technologies, including the UltiMAb(TM) platform for the rapid creation and development of human antibodies to virtually any disease target. Genmab is headquartered in Copenhagen, Denmark and has operations in Utrecht, The Netherlands and Princeton, New Jersey in the US. For more information about Genmab, visit www.genmab.com. Except for the historical information presented herein, matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements, e.g. unforeseen exchange rate and interest rate fluctuations, delayed or unsuccessful development projects. Statements that are not historical facts, including statements preceded by, followed by, or that include the words "believes;" "anticipates;" "plans" "expects;" "estimates;" or similar statements are forward-looking statements. Genmab is not under an obligation to update statements regarding the future following the publication of this release; nor to confirm such statements in relation to actual results, unless this is required by law. Web site: http://www.genmab.com Sisse P. Hansen, Investor & Public Relations of Genmab A/S, +45 33 44 77 76, Mobile: +45 25 27 47 27, sha@genmab.com

Copyright