Exhibit 1
XOMA
Announces New Audit Committee Member
Berkeley, Calif. – April 1, 2008 -- XOMA Ltd. (Nasdaq:
XOMA) announced today that XOMA’s Board of Directors has appointed Board member
William K. Bowes, Jr. to its Audit Committee. The appointment follows
the recent passing of James G. Andress, a member of XOMA’s Board of Directors
and its Audit Committee.
XOMA also
noted that, on March 27, 2008, it received a letter from the Nasdaq Listing
Qualifications Department indicating that, due to Mr. Andress’s passing, XOMA
was not then in compliance with Nasdaq’s audit committee composition
requirements (Marketplace Rule 4350), which require each listed issuer to have
an audit committee of at least three independent members. However, as
noted in the letter, Nasdaq provided XOMA a cure period until September 8, 2008
to demonstrate compliance with these requirements, and XOMA believes the actions
announced today meet the Nasdaq requirements.
About
XOMA
XOMA is a
leader in the discovery, development and manufacture of therapeutic antibodies.
The Company's expanding pipeline includes XOMA 052, a broad anti-inflammatory
antibody drug candidate that targets the IL-1 pathway, and XOMA 629, an
anti-microbial drug candidate that is synthetic peptide compound derived from
bactericidal/permeability-increasing protein (BPI). BPI is a human host-defense
protein that is one of the body's early lines of defense against invading
organisms. XOMA has multiple revenue streams 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®
(efalizumab) for chronic moderate to severe plaque psoriasis and LUCENTIS®
(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 technologies. Bacterial cell
expression 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 bacterial cell expression
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 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.
Company
Contact:
Greg
Mann
XOMA
510-204-7270
mann@xoma.com