XOMA Appoints W. Denman Van Ness as Lead Independent Director
BERKELEY, Calif., Jan. 18, 2008 (PRIME NEWSWIRE) -- XOMA Ltd. (Nasdaq:XOMA), a leader in the discovery and development of antibody therapeutics, announced today that its Board of Directors has appointed current board member W. Denman ("Denny") Van Ness as Lead Independent Director.
Steven Engle, Chairman and Chief Executive Officer of XOMA, stated, "Reflecting the Board's commitment to strong governance practices, we established this new position, and are pleased that Denny has agreed to be the inaugural Lead Independent Director. He is an experienced investor in biotechnology companies and a respected advisor to high-growth businesses. I look forward to working with Denny as we execute on our strategy to drive further shareholder value creation at XOMA."
Mr. Van Ness has served on the Board of Directors of XOMA since October 1981. He is Chairman of Hidden Hill Advisors, a venture capital consulting firm. Mr. Van Ness has been financing high-growth companies for more than thirty years and has served as a Director for dozens of companies. He was a co-founder of two venture capital firms, H&Q Venture Partners and Olympic Venture Partners (now OVP Venture Partners), and a Managing Director of CIBC Capital Partners prior to launching Hidden Hill Advisors.
XOMA is a leader in the discovery, development and manufacture of therapeutic antibodies. The Company's expanding pipeline includes XOMA 052, an anti-IL-1 beta antibody, and XOMA 629, a synthetic peptide compound derived from bactericidal/permeability-increasing protein.
XOMA's proprietary development pipeline is primarily funded by multiple revenue streams resulting from the licensing of its antibody technologies, product royalties, development collaborations, and biodefense contracts. XOMA's technologies and experienced team have contributed to the success of marketed antibody products, including RAPTIVA(r) (efalizumab) for chronic moderate to severe plaque psoriasis and LUCENTIS(r) (ranibizumab injection) for wet age-related macular degeneration.
The Company has a premier antibody discovery and development platform that incorporates leading antibody phage display libraries and XOMA's proprietary Human Engineering(tm) and bacterial cell expression (BCE) technologies. BCE is a key breakthrough biotechnology for the discovery and manufacturing of antibodies and other proteins. As a result, more than 50 pharmaceutical and biotechnology companies have signed BCE licenses.
In addition to developing its own products, XOMA develops products for premier pharmaceutical companies including Novartis AG, Schering-Plough Research Institute and Takeda Pharmaceutical Company Limited. XOMA has a fully integrated product development infrastructure, extending from pre-clinical science to product launch, and a team of 300 employees at its Berkeley location. For more information, please visit http://www.xoma.com.
Certain statements contained herein relating to product development and shareholder value, 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. These risks, including those related to the results of discovery research and preclinical 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 FDA, European or other regulators or their advisory bodies; and analysis or interpretation by, or submission to, these entities or others of scientific data); uncertainties regarding the status of biotechnology patents; uncertainties as to the cost of protecting intellectual property; changes in the status of the existing collaborative and licensing relationships; the ability of collaborators, licensees and other third parties to meet their obligations; market demand for products; scale up and marketing capabilities; competition; international operations; share price volatility; XOMA's financing needs and opportunities; and risks associated with XOMA's status as a Bermuda company, are described in more detail in XOMA's most recent annual report on Form 10-K and in other SEC filings. Consider such risks carefully in considering XOMA's prospects.
CONTACT: XOMA Ltd. Greg Mann 510-204-7270 firstname.lastname@example.org Porter Novelli Life Sciences Rachel Lipsitz 619-849-5378 email@example.com
Released January 18, 2008