Exhibit 99.1
XOMA
ENTERS INTO $60 MILLION COMMITTED EQUITY FINANCING FACILITY
BERKELEY,
Calif. October 22, 2008 – XOMA Ltd. (NASDAQ:XOMA) today announced
that that it has entered into a committed equity financing facility
under which it has the option to sell up to $60 million of its registered common
shares to Azimuth Opportunity Ltd. over a 24-month period. XOMA is
not obligated to utilize any of the facility and remains free to enter other
financing transactions. XOMA did not pay a commitment fee, or issue
any warrants, to secure this facility.
“The
agreement is an important addition to our financial options and provides added
financial flexibility,” said Steven Engle, XOMA’s Chairman and CEO.
XOMA will
determine, at its sole discretion, the timing, dollar amount and floor price per
share of each draw under this facility, subject to certain
conditions. The number and price of shares sold in each draw are
determined by a contractual formula designed to approximate fair market value,
less a discount. Any shares sold under this facility will be sold
pursuant to a prospectus supplement and the base prospectus which forms a part
of XOMA’s shelf registration statement declared effective by the Securities and
Exchange Commission on May 29, 2008.
This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
state.
About
XOMA
XOMA
discovers, develops and manufactures therapeutic antibody agents designed to
treat inflammatory, autoimmune, infectious and cancerous diseases and is engaged
in more than 16 active development projects. The Company's expanding pipeline
includes XOMA 052, an anti-IL-1beta antibody, and XOMA 629, a synthetic
antimicrobial 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®
(efalizumab) for chronic moderate to severe plaque psoriasis, LUCENTIS®
(ranibizumab injection) for wet age-related macular degeneration and
CIMZIA®
(certolizumab pegol) for Crohn's disease.
The
Company has a premier antibody discovery and development platform that
incorporates leading antibody phage display libraries and XOMA's proprietary
Human Engineering™ 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 BCE
licenses.
In
addition to developing its own products, XOMA develops products with 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
approval, and a team of 330 employees at its Berkeley location. For more
information, please visit http://www.xoma.com.
Certain
statements contained herein concerning our ability to raise capital and manage
dilution, our future capital needs, product development and other similar
matters 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; financial market conditions; 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:
|
Media
& Investors Contact:
|
Greg
Mann
|
Carolyn
Hawley
|
XOMA
|
Porter
Novelli Life Sciences
|
510-204-7270
|
619-849-5375
|
mann@xoma.com
|
chawley@pnlifesciences.com
|