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XOMA Corporation (Nasdaq: XOMA) is a biotech enterprise capitalizing on its antibody legacy in a new way. With over 35 years of discovery activity, XOMA currently has more than 20 partnered and fully-funded programs with the potential to drive milestone and royalty payments, along with multiple additional programs ready for out-licensing. XOMA’s business strategy is to grow shareholder value by combining the revenue streams derived from this existing portfolio with future newly acquired milestone and royalty revenues while adopting an extremely lean cost infrastructure, to deliver growing cash flow and profits. The premise behind XOMA’s approach is the greater the number of quality programs in development, the greater likelihood of success.

XOMA’s strategy is different than traditional biotech business models. The Company is building a business with a low burn rate that allows it to be patient and to hold out for future revenues. Because XOMA does not develop drugs itself, the Company maintains a lean cost profile. While XOMA employs a relatively low headcount and occupies a small physical footprint, our partners and licensees are investing hundreds of millions of dollars in R&D to advance the partnered programs. XOMA is willing to enter transactions where it could exchange cash or equity today for future milestones and royalties – provided its return on investment objectives could be met.

The Company intends to build upon its current portfolio by employing multiple strategies to acquire additional license interests (i.e. milestones and royalties) in partner-funded programs. If XOMA license holders successfully advance product candidates towards regulatory approval and ultimately commercialization, the Company will receive milestone payments and royalty revenues without any additional investment.

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