XOMA Appoints Matthew Perry to its Board of Directors
February 16 2017 - 7:00AM
XOMA Corporation (Nasdaq:XOMA), a leader in the discovery and
development of therapeutic antibodies, today announced the
appointment of Matthew Perry, President of BVF Partners L.P. (BVF),
to the XOMA Board of Directors.
“On behalf of the entire XOMA team, we are
thrilled to have Matthew Perry, a highly accomplished investor and
industry professional, join our board,” said W. Denman Van Ness,
Chairman of the Board of XOMA.
“We have an extensive portfolio of products and technologies,
including a significant number of development programs fully funded
by partner companies, that are expected to generate substantial
milestone payments and royalties for XOMA over time,” said Jim R.
Neal, Chief Executive Officer of XOMA. “Matthew’s deep business
expertise and unique perspective will be invaluable as we
capitalize on these and other programs to create growing value for
our shareholders. As we indicated just a few weeks ago, our lead
development asset, 358, has achieved clinical proof-of-concept and
is ready for advancement to the next stage of clinical development.
Our intention is to maximize the value of 358 for shareholders
through a licensing agreement, either now or after continued
investment to improve its value to a prospective partner. We
believe this approach will expedite patient access to this
important new therapy for those in need of new treatment options in
hyperinsulinemic hypoglycemia.”
Mr. Perry joined BVF in December 1996 and has been a successful
lead investor in dozens of transactions, positively assisting
corporate direction for more than twenty years. BVF is a private
investment partnership that manages over $1 billion and focuses on
value-oriented investment opportunities. Mr. Perry is also a
co-founder and director of Nordic Biotech Advisors ApS, a venture
capital firm based in Copenhagen, Denmark. Mr. Perry graduated from
the College of William and Mary with a B.S. from the Biology
department.
“XOMA has one of the most extensive portfolios of licensed
assets in the life sciences industry, and we believe this portfolio
will generate significant milestones and royalties in the future.
In addition, the XOMA team has a broad range of wholly owned assets
that address unmet medical needs, particularly in orphan
indications and oncology,” said Mr. Perry. “I am looking forward to
being an active board member and helping the company realize its
full growth potential by supporting this journey to further harness
its 30-plus years of innovation.”
“Matthew and his team at BVF have clearly demonstrated their
belief that there is significant unrecognized value in XOMA,” added
Tom Burns, Vice President, Finance, and Chief Financial Officer of
XOMA. “The substantial cost reductions we announced in December,
BVF’s investment, and the out-license potential of our unpartnered
programs significantly extend our cash runway, enabling us to
retain the full value of our partnered programs and help
shareholders to fully realize the value of our investment in
research and development.”
About XOMA CorporationXOMA discovers and
develops innovative antibody therapeutics. XOMA has an extensive
portfolio of products, programs, and technologies that are the
subject of licenses the company has in place with other biotech and
pharmaceutical companies. There are more than 20 such programs
that are fully funded by partners and could produce milestone
payments and royalty payments in the future. XOMA continues to
advance Phase 2 development activities for 358, an allosteric
monoclonal antibody that reduces insulin receptor activity, as the
antibody could have a major impact on the treatment of
hyperinsulinism, particularly congenital hyperinsulinism and
hypoglycemia after bariatric surgery. For more information,
visit www.xoma.com.
Forward-Looking Statements Certain statements
contained in this press release 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, including
statements regarding: our extensive portfolio of products and
technologies expected to generate substantial milestone payments
and royalties over time; creating growing value for our
shareholders; the future progress of the 358 clinical program; our
intent to maximize the value of 358 through a licensing agreement;
our belief that licensing 358 will expedite patient access to 358;
our portfolio of assets that address unmet medical needs,
particularly in orphan indications and oncology; our cash runway;
and our future growth potential. The words "estimate,"
"anticipate," "intend," "expect," "potential" and similar
expressions are intended to identify forward-looking statements.
These statements are based on assumptions that may not prove
accurate. Actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of various risks and uncertainties, which
include risks related to XOMA's business strategy, its
clinical programs, ability to receive potential milestones and
royalty payments, current economic and financial market conditions
and other risks that are described in more detail in "Risk Factors"
contained in XOMA's most recent Quarterly Report on Form 10-Q for
the quarter ended September 30, 2016. XOMA undertakes no obligation
to publicly update any forward-looking statements, regardless of
any new information, future events or other occurrences. You are
advised, however, to consult any additional disclosures made by
XOMA in its reports to the SEC on Forms 10-K, 10-Q and 8-K.
CONTACTS:
Investor contact:
Luke Heagle
Pure Communications
+1 910-726-1372
lheagle@purecommunications.com
Media contact:
Colin Sanford
Pure Communications
+1 415-946-1094
csanford@purecommunications.com
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