XOMA Earns $10 Million Milestone Payment as Another of its Licensed Assets Advances into Clinical Development
May 18 2017 - 7:00AM
XOMA Corporation (Nasdaq:XOMA), a pioneer in the discovery and
development of therapeutic antibodies, today announced it has
earned a $10 million milestone payment, reflecting the clinical
advancement of an asset the Company licensed to one of its
pharmaceutical partners.
“Our corporate strategy is to drive shareholder value by
combining revenue from our portfolio of collaborator-funded
programs with a lean cost structure,” stated Jim Neal, Chief
Executive Officer of XOMA. “This $10 million milestone payment is
the first of a potential $40 million we could receive from our
portfolio of partnerships over the next 36 months. As these
milestones are received, our belief is shareholders will begin to
see XOMA transition to a cash flow positive company.”
Similar to this program, XOMA has over 20 additional clinical
and preclinical programs that are fully funded by partners across
the biotech and pharmaceutical landscape. Each of those programs,
as well as several internal programs available to be partnered, are
capable of adding to the anticipated growth in milestone payments
and royalty revenue streams over time.
As previously announced, XOMA will hold its annual meeting of
stockholders today, May 18, 2017, at 9:00 a.m. PT (12:00 p.m. ET),
which will be held virtually via live webcast. Jim Neal, Chief
Executive Officer of XOMA, will host the meeting and provide a
corporate update. The presentation slides and webcast can be
accessed via the Investors and Media section of XOMA's website at
http://investors.xoma.com/events.cfm.
About XOMA Corporation
XOMA has an extensive portfolio of products, programs, and
technologies that are the subject of licenses the Company has in
place with other biotech and pharmaceutical companies. Many of
these licenses are the result of the Company’s pioneering efforts
in the discovery and development of antibody therapeutics. There
are more than 20 such programs that are fully funded by partners
and could produce milestone payments and royalty payments in the
future. In order to maximize its value in a licensing transaction,
XOMA continues to invest in X358, an allosteric monoclonal antibody
that reduces insulin receptor activity, as the antibody could have
a major impact on the treatment of hyperinsulinism. For more
information, visit www.xoma.com.
Forward-Looking Statements
Certain statements contained in this press release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, including statements regarding: the potential of
XOMA’s portfolio of partnered programs and licensed technologies
generating milestone and royalty proceeds over time; and statements
that otherwise relate to future periods. These statements are based
on assumptions that may not prove accurate, and actual results
could differ materially from those anticipated due to certain risks
inherent in the biotechnology industry and for companies engaged in
the development of new products in a regulated market. Potential
risks to XOMA meeting these expectations are described in more
detail in XOMA's most recent filing on Form 10-K and in other SEC
filings. Consider such risks carefully when considering XOMA's
prospects. Any forward-looking statement in this press release
represents XOMA's views only as of the date of this press release
and should not be relied upon as representing its views as of any
subsequent date. XOMA disclaims any obligation to update any
forward-looking statement, except as required by applicable
law.
Investor contact:
Luke Heagle
Pure Communications
+1 910-726-1372
lheagle@purecommunications.com
Media contact:
Colin Sanford
Pure Communications
+1 415-946-1094
csanford@purecommunications.com
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