ABBI Abraxis Bioscience (MM)

Abraxis BioScience, Inc. (NASDAQ:ABBI), an integrated, global biopharmaceutical company, and the California NanoSystems Institute at UCLA today announced a partnership designed to collaborate on early research in nanobiotechnology for the advancement of new technologies in medicine. Abraxis BioScience will collaborate with the CNSI and its team of leading researchers to capitalize on the explosion of scientific insight and create the future of nanotechnology within biotechnology. Abraxis has agreed to contribute $10 million over ten years to fund collaborative projects in the new CNSI building at UCLA. The Abraxis/CNSI Research Collaboration Lab space will focus on �translational science,� where scientific discovery is intended to quickly be translated into practical application. Abraxis BioScience has joined the CNSI Partners Program and is the Institute�s first partner in the area of pharmaceuticals and biotechnology. The partnership provides CNSI and Abraxis researchers the opportunity to jointly pursue innovative approaches to the diagnosis and treatment of life-threatening diseases, leveraging the complementary resources and skills of both organizations. To further support the partnership, visiting scholars from other institutions will also be participating in the collaborative research programs. �We are very excited about this research collaboration with the CNSI and believe this type of relationship emphasizes our commitment toward pursuing innovative research and forging new paradigms of drug discovery and personalized drug development,� said Patrick Soon-Shiong, M.D., Chairman and Chief Executive Officer of Abraxis BioScience. �This relationship allows both organizations to gain access to important research that may have the potential to change the way diseases are treated.� �We are eager to collaborate with Abraxis BioScience. Cross-disciplinary collaboration is vital to our research efforts,� said Dr. Fraser Stoddart, Director of the CNSI and Fred Kavli Chair of NanoSystems Sciences at UCLA. �The exciting thing about nanosystems research is that it is bringing about a sea change in the academic environment � it is breaking down the barriers between disciplines to achieve a seamless integration between chemistry, physics, biology and engineering in all of their different forms.� �Abraxis has an established history of developing innovative technology,� said Dr. Leonard H. Rome, Associate Director of the CNSI and Senior Associate Dean for Research at the David Geffen School of Medicine, UCLA. �We are confident they will be a strong and committed partner in furthering important research and the development of drugs to treat life-threatening and debilitating illnesses.� About the CNSI The California NanoSystems Institute (CNSI) is a multidisciplinary research center at UCLA whose mission is to encourage university�industry collaboration and to enable the rapid commercialization of discoveries in nanosystems. CNSI members include some of the world�s preeminent scientists, and the work conducted at the institute represents world-class expertise in five targeted areas of nanosystems-related research: renewable energy, environmental nanotechnology and nanotoxicology, nanobiotechnology and biomaterials, nanomechanical and nanofluidic systems, and nanoelectronics, photonics and architectonics. For additional information, visit www.cnsi.ucla.edu. 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. 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 collaboration with CNSI. 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 technologies and products through the collaboration could be affected by a number of factors, including unexpected safety, efficacy or other 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.