XOMA Reports Third Quarter 2011 Financial Results
Research and development expenses were
During the first nine months of 2011, net cash used in operations was
"These financial results reflect our initial efforts to reduce costs," said
XOMAwas awarded a contract for up to $28 millionfrom National Institute of Allergy and Infectious Diseases(NIAID). The federal contract, No. HHSN2722011031C, added two new toxin types to XOMA'sbotulism anti-toxin development program, with the goal of developing therapeutics that can treat patients exposed to the potential bioterror agent botulinum neurotoxin.
Several presentations highlighting
XOMA'sexpertise in the development of recombinant antitoxins for botulism poisoning were made at the Seventh Triennial Basic and Therapeutic Aspects of Botulinum and Tetanus (Toxins 2011) and the 48th Annual Interagency Botulism Research Coordinating Committee (IBRCC) conferences.
The Board of Directors appointed
John Varianas Interim Chief Executive Officer of XOMAand W. Denman Van Ness, XOMA'sLead Independent Director, as Chairman of the Board, following resignation of the Company's Chairman, Chief Executive Officer and President. The Board has initiated a search for a permanent Chief Executive Officer.
XOMAannounced its intention to change its jurisdiction of incorporation from Bermudato Delaware. The action, which does not require shareholder approval, will not become effective until after certain filings are made in Bermudaand Delawareand the Securities and Exchange Commissiondeclares XOMA'srelated registration statement on Form S-4 effective.
Investor Conference Call and Webcast
As previously announced,
XOMA052), a humanized antibody that binds to the inflammatory cytokine interleukin-1 beta, or IL-1 beta. XOMAplans to enter gevokizumab into Phase 3 clinical development in non-infectious uveitis affecting the intermediate and/or posterior segments of the eye. Les Laboratoires Servieris XOMA'sdevelopment and commercialization partner for gevokizumab.
Antibodies against botulinum toxins, led by
XOMA3AB, a novel combination of three antibodies to prevent and treat botulism poisoning caused by exposure to botulinum neurotoxin Type A, among the most deadly bioterror threats. XOMA3AB is in a Phase 1 clinical trial sponsored by the National Institute of Allergyand Infectious Diseases (NIAID) of the National Institutesof Health (NIH). Development of these antibodies has been funded in whole or in part with funds from NIAID, NIH, Department of Healthand Human Services under Contract No. HHSN266200500004C, Contract No. HHSN266200600008C, Contract No. HHSN272200800028C, Contract No. HHSN266200600011C, Contract No., HHSN272200800026C, and Contract No. HHSN2722011031C.
- A preclinical pipeline with candidates in development for autoimmune, cardio-metabolic, inflammatory and oncological diseases. Among these are two new classes of fully human monoclonal antibodies that activate (XMetA) or sensitize (XMetS) the insulin receptor in vivo, which represent distinct new therapeutic approaches to the treatment of patients with diabetes.
Certain statements contained herein concerning anticipated levels of cash utilization or initiation of clinical trials, or that otherwise relate to future periods 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. These statements are based on assumptions that may not prove accurate. 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.
Among other things, the anticipated levels of cash utilization may be other than as expected due to unanticipated changes in
These and other risks, including those related to the generally unstable nature of current economic and financial market conditions; the results of discovery and pre-clinical testing; the timing or results of pending and future clinical trials (including the design and progress of clinical trials; safety and efficacy of the products being tested; action, inaction or delay by the
** Tables Follow **
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(in thousands, except per share amounts)|
Three months ended
Nine months ended
|License and collaborative fees||$ 4,859||$ 1,410||$ 16,725||$ 1,749|
|Contract and other revenue||11,349||5,733||31,477||18,025|
|Research and development||15,851||21,345||51,479||58,278|
|Selling, general and administrative||7,296||6,197||18,779||16,776|
|Total operating expenses||23,147||27,542||70,258||75,054|
|Loss from operations||(6,918)||(16,645)||(21,909)||(51,013)|
|Other income (expense):|
|Net loss before taxes||(6,543)||(13,632)||(20,993)||(50,981)|
|Provision for income tax expense||--||(1)||(15)||(17)|
|Net loss||$ (6,543)||$ (13,633)||$ (21,008)||$ (50,998)|
|Basic and diluted net loss per common share||$ (0.20)||$ (0.69)||$ (0.69)||$ (2.87)|
|Shares used in computing basic and diluted net loss per common share||32,761||19,802||30,623||17,742|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|Cash and cash equivalents||$ 45,707||$ 37,304|
|Trade and other receivables, net||14,900||20,864|
|Prepaid expenses and other current assets||1,341||712|
|Total current assets||61,948||58,880|
|Property and equipment, net||13,357||14,869|
|Total assets||$ 77,185||$ 74,252|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Accounts payable||$ 3,083||$ 3,581|
|Accrued and other liabilities||10,434||10,658|
|Total current liabilities||20,419||35,528|
|Deferred revenue — long-term||8,016||1,086|
|Interest bearing obligations — long-term||26,649||13,694|
|Other long-term liabilities||440||353|
|Total liabilities and shareholders' equity||$ 77,185||$ 74,252|
XOMA Ltd.Company and Investor Contact: Carol DeGuzman510-204-7270 firstname.lastname@example.org Canale CommunicationsMedia Contact: Carolyn Hawley619-849-5375 email@example.com
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