Exhibit
99.1
XOMA
Receives NASDAQ Determination Letter
Berkeley,
CA, November 19, 2009 – XOMA Ltd. (NASDAQ: XOMA), a leader in the discovery and
development of therapeutic antibodies, announced that it received a letter from
the staff of The NASDAQ Stock Market LLC on November 13, 2009 indicating that
the NASDAQ staff has concluded that XOMA’s previously-announced common share
financing completed on September 30, 2009 did not comply with NASDAQ’s Listing
Rule 5635(d)(2). Listing Rule 5635(d)(2) requires that a company
obtain shareholder approval for the issuance of common shares or securities
exercisable for common shares equal to 20% or more of the common shares
outstanding before the issuance for less than the greater of book or market
value of the shares. Receipt of this letter has no effect on the
current listing status of the common shares.
XOMA
management is working with the NASDAQ staff and the investor to address the
NASDAQ staff’s concerns and take any required corrective action. In
the event the company is unable to do so, the NASDAQ staff could issue a letter
of reprimand or a determination to initiate a process to de-list the common
shares. At that point, XOMA would have the opportunity for a hearing
to review these issues before a NASDAQ Listing Qualifications
Panel. The common shares would continue to be listed pending
resolution of the hearing process.
About
XOMA
XOMA
discovers, develops and manufactures novel antibody therapeutics for its own
proprietary pipeline as well as through license and collaborative agreements
with pharmaceutical and biotechnology companies, and under its contracts with
the U.S. government. The company's proprietary product pipeline includes: XOMA
052, an antibody to interleukin-1 beta in Phase 2 clinical development for Type
2 diabetes and cardiovascular disease, XOMA 3AB, an antibody candidate in
pre-IND studies to neutralize the botulinum toxin, and a preclinical pipeline
with candidates in development for inflammatory, autoimmune and oncologic
diseases.
Forward-Looking
Statements
Certain
statements contained herein concerning listing on NASDAQ, product development 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 inability to comply
with NASDAQ’s continued listing requirements; the declining and generally
unstable nature of current economic 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 FDA,
European or other regulators or their advisory bodies; and analysis or
interpretation by, or submission to, these entities or others of scientific
data); changes in the status of existing collaborative relationships; the
ability of collaborators and other partners to meet their obligations; XOMA's
ability to meet the demands of the United States government agency with which it
has entered into its government contracts; competition; market demands for
products; scale-up and marketing capabilities; availability of additional
licensing or collaboration opportunities; international operations; share price
volatility; XOMA's financing needs and opportunities; uncertainties regarding
the status of biotechnology patents; uncertainties as to the costs of protecting
intellectual property; and risks associated with XOMA's status as a Bermuda
company, are
described in more detail in XOMA's most recent filing on Form 10-K and in other
SEC filings. Consider such risks carefully when considering XOMA's
prospects.
SOURCE:
XOMA Ltd.
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Company
and Investor Contact:
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Carol
DeGuzman
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510-204-7270
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deguzman@xoma.com
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Porter
Novelli Life Sciences
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Media
Contact:
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Carolyn
Hawley
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619-849-5375
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chawley@pnlifesciences.com
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