Ex.
99.1
XOMA
Appoints Steven B. Engle President,
Chief
Executive Officer and Director
Berkeley,
Calif. -- August 6, 2007 -- XOMA Ltd. (Nasdaq:XOMA), a leader in the discovery
and development of antibody therapeutics for cancer and inflammatory diseases,
today announced that Steven B. Engle has been named president, chief executive
officer and a member of the company’s board of directors. Mr. Engle
succeeds Jack Castello, the company’s former president and chief executive
officer, who announced his retirement plans earlier this year. Mr.
Castello will remain with the company as non-executive chairman of the board
during a transition period, expected to run through October of
2007.
"On
behalf of the XOMA Board, I couldn’t be more pleased that Steve has joined XOMA
to serve as the company’s next president and chief executive officer,” said
Denny Van Ness, a member of XOMA's board of directors who led the succession
search. “His leadership experience in our industry, together with his
expertise in therapeutic products, operations and corporate development, make
him the right person to lead XOMA forward. I am confident in Steve’s
ability to enhance and execute the company’s strategic plan to create value for
XOMA shareholders."
Mr.
Van
Ness added, “I also want to thank Jack Castello for his strong leadership and
years of service at XOMA. It is due to his efforts that XOMA is so
well-positioned today. We appreciate his many contributions to the company
and
wish him all the best in retirement.”
Mr.
Engle
stated, “XOMA’s leadership in therapeutic antibody discovery and development is
based on its world class technologies and proven capabilities as well as an
expanding pipeline of product candidates. The growing use of
therapeutic antibodies is one of the largest opportunities in healthcare
today. To address this opportunity, XOMA has built an extensive
business platform which combines revenue-generating collaborations, licensing
programs, royalties on marketed products, and a proprietary
pipeline. I look forward to working with XOMA’s talented employees
and the company’s partners in creating long-term value and bringing the benefits
of antibody therapeutics to patients with unmet medical needs.”
Mr.
Engle
has more than 25 years of executive leadership and biotechnology and
pharmaceutical industry experience. He previously served as chairman
of the board and chief executive officer of La Jolla Pharmaceutical Company,
a
publicly-held biopharmaceutical company focused on the research and development
of therapeutic products for autoimmune and antibody-mediated
diseases. He joined La Jolla Pharmaceutical Company in 1993, became
president and a director in 1994, CEO in 1995, and chairman of the board in
1997. Prior to joining La Jolla, he held executive-level positions at
Cygnus Therapeutic Systems, a developer of drug delivery systems, and Micro
Power Systems, Inc., a manufacturer of high technology products, including
medical devices. He began his professional career with the
Strategic Decisions Group and the Stanford Research Institute. Mr.
Engle is a graduate of the University of Texas with BS and MS degrees in
Biomedical Engineering.
Pursuant
to NASDAQ requirements, the company noted that as part of his employment
agreement Mr. Engle received an option to purchase 500,000 XOMA common shares
at
an exercise price of $5.00 per share, which will be exercisable immediately,
and
an option to purchase 2,100,000 XOMA common shares at an exercise price equal
to
the closing price on August 3, 2007, which is exercisable on the company’s
normal four-year vesting schedule.
About
XOMA
XOMA
is a
leader in the discovery, development and manufacture of therapeutic antibodies,
with a therapeutic focus that includes cancer and immune
diseases. XOMA has royalty interests in RAPTIVA(r) (efalizumab), a
monoclonal antibody product marketed worldwide (by Genentech, Inc. and Merck
Serono S.A.) to treat moderate-to-severe plaque psoriasis, and LUCENTIS(r)
(ranibizumab injection), a monoclonal antibody product marketed worldwide (by
Genentech and Novartis AG) to treat neovascular (wet) age-related macular
degeneration.
The
company has built a premier antibody discovery and development platform that
includes access to seven of the leading commercially available antibody phage
display libraries and XOMA's proprietary Human Engineering(tm) and bacterial
cell expression (BCE) technologies. More than 45 companies have signed BCE
licenses. XOMA's development collaborators include Lexicon Pharmaceuticals,
Inc., Novartis, Schering-Plough Research Institute and Takeda Pharmaceutical
Company Limited. With a fully integrated product development infrastructure,
XOMA's product development capabilities extend from preclinical sciences to
product launch. For more information, please visit the company's website at
www.xoma.com.
Certain
statements contained herein that 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:
Greg
Mann
XOMA
-
Investor Relations and Corporate Communications
510-204-7270
mann@xoma.com