XOMA Announces Evolution of Company Leadership and Succession Planning
16 Dezember 2021 - 1:30PM
XOMA Corporation (Nasdaq: XOMA), a biotechnology royalty aggregator
playing a distinctive role in helping companies achieve their goal
of improving human health, announced today the appointment of Jim
Neal, Chief Executive Officer of XOMA, as Chairman of the
Board. W. Denman (Denny) Van Ness, who has served as XOMA’s
Chairman of the Board since 2011, will continue as Lead Independent
Director. Under Mr. Neal’s leadership, XOMA has established
itself as royalty aggregator with a strong balance sheet. The
Company has grown its portfolio of potential milestone and royalty
interests to over 70 assets being pursued in more than 35 separate
indications, including one under review with the U.S. Food and Drug
Administration and two in Phase 3 development. The Company
also announced Mr. Neal has communicated his intention to position
XOMA for its next phase of growth and retire from his operational
role as Chief Executive at such time as his successor has been
appointed. The Company plans to commence a search process led
by Mr. Neal.
“XOMA offers an attractive opportunity for biotechnology
companies to monetize the potential economics associated with their
out-licensed clinical assets, which is evidenced by our deal
pipeline that has increased year-over-year,” stated Jim Neal,
Chairman and Chief Executive Officer. “Moreover, the
portfolio has increased in value with over 25 advancements from one
stage of clinical development to the next in the past few
years. Many of these have generated milestone payments to
XOMA, including the recent $35 million milestone we earned from
Novartis upon its initiation of Phase 3 development for
NIS793. Our balance sheet is debt free, and after receiving
that Novartis milestone payment, we will have almost $100 million
in cash. With this strong foundation firmly established, it
is the right time for us to implement a CEO succession plan.
I have every confidence the Company will continue to successfully
execute on and refine its business strategy.
“I have learned a great deal from Denny during my time at XOMA,
and he has been an outstanding role model as a mentor. As
Chairman, I will continue my dedication to XOMA’s success in
building shareholder value,” Mr. Neal said in closing.
“My career has been spent nurturing teams as they grew their
companies from start-up phase to established companies,” said Denny
Van Ness. “This was an appropriate skill during XOMA’s shift
from drug development company to royalty aggregator. Now that
we have made that transition with a strong management team leading
a well-financed company driving an established business model, it
is time to step aside from the Chairmanship, and I am delighted to
hand the reins to Jim knowing he will continue his stewardship
after he retires from his CEO role.”
About XOMA CorporationXOMA is a biotechnology
royalty aggregator playing a distinctive role in helping biotech
companies achieve their goal of improving human health. XOMA
acquires the potential future economics associated with
pre-commercial therapeutic candidates that have been licensed to
pharmaceutical or biotechnology companies. When XOMA acquires
the future economics, the seller receives non-dilutive,
non-recourse funding they can use to advance their internal drug
candidate(s) or for general corporate purposes. The Company
has an extensive and growing portfolio with more than 70 assets
(asset defined as the right to receive potential future economics
associated with the advancement of an underlying therapeutic
candidate). For more information about the Company and its
portfolio, please visit www.xoma.com.
Forward-Looking Statements/Explanatory
NotesCertain 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 the potential
of XOMA’s portfolio of partnered programs and licensed technologies
generating substantial milestone and royalty proceeds over time,
growth of its portfolio of assets and its leadership. In some
cases, you can identify such forward-looking statements by
terminology such as “anticipate,” “intend,” “believe,” “estimate,”
“plan,” “seek,” “project,” “expect,” “may,” “will,” “would,”
“could,” or “should,” the negative of these terms or similar
expressions. These forward-looking statements are not a
guarantee of XOMA’s performance, and you should not place undue
reliance on such statements. These statements are based on
assumptions that may not prove accurate, and actual results could
differ materially from those anticipated due to certain risks
inherent in the biotechnology industry, including those related to
the fact that our product candidates subject to out-license
agreements are still being developed, and our licensees may require
substantial funds to continue development which may not be
available; we do not know whether there will be, or will continue
to be, a viable market for the products in which we have an
ownership or royalty interest; if the therapeutic product
candidates to which we have a royalty interest do not receive
regulatory approval, our third-party licensees will not be able to
market them, and the impact to the global economy as a result of
the COVID-19 pandemic. Other potential risks to XOMA meeting
these expectations are described in more detail in XOMA's most
recent filing on Form 10-Q and in other SEC filings. Consider
such risks carefully when considering XOMA's prospects. Any
forward-looking statement in this press release represents XOMA's
beliefs and assumptions only as of the date of this press release
and should not be relied upon as representing its views as of any
subsequent date. XOMA disclaims any obligation to update any
forward-looking statement, except as required by applicable
law.
EXPLANATORY NOTE: Any references to “portfolio”
in this press release refer strictly to milestone and/or royalty
rights associated with a basket of drug products in
development. Any references to “assets” in this press release
refer strictly to milestone and/or royalty rights associated with
individual drug products in development.
As of the date of this press release, all assets in XOMA’s
milestone and royalty portfolio are investigational
compounds. Efficacy and safety have not been
established. There is no guarantee that any of these assets
will become commercially available.
Investor contacts:Juliane SnowdenXOMA
+1-646-438-9754juliane.snowden@xoma.com |
Justin
FrantzSolebury Trout+1-973-441-9731jfrantz@soleburytrout.com |
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Media contact:Kathy VincentKV
Consulting &
Management+1-310-403-8951kathy@kathyvincent.com |
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