{"id":454574,"date":"2021-03-10T07:33:07","date_gmt":"2021-03-10T12:33:07","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=454574"},"modified":"2021-03-10T07:33:07","modified_gmt":"2021-03-10T12:33:07","slug":"xoma-reports-fourth-quarter-and-full-year-2020-financial-results-and-operating-highlights","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/xoma-reports-fourth-quarter-and-full-year-2020-financial-results-and-operating-highlights\/","title":{"rendered":"XOMA Reports Fourth Quarter and Full-Year 2020 Financial Results and Operating Highlights"},"content":{"rendered":"
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\n Recognized revenue of $29.4 million\u00a0
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\n Six assets in the Company\u2019s milestone and royalty portfolio advanced to Phase 2 clinical development\u00a0
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\n Completed $24.6 million Series A Perpetual Preferred Stock offering paying a 8.625% dividend\u00a0
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\n Ended 2020 with $84.2 million in cash<\/em>\n <\/p>\n

EMERYVILLE, Calif., March 10, 2021 (GLOBE NEWSWIRE) — XOMA Corporation (Nasdaq: XOMA) announced its fourth quarter and full-year 2020 financial results and business highlights.<\/p>\n

\u201cOur success in 2020 is a direct reflection of our strategy at work.\u00a0 As a result of the commitment by our partners to improve human health, we saw multiple programs advance further in the clinic.\u00a0 Novartis, Merck, Takeda, Incyte, Rezolute, and an undisclosed partner individually launched Phase 2 clinical studies with an asset in the XOMA portfolio.\u00a0 XOMA\u2019s shareholders benefited from the milestones we received as our partners made these advancements, highlighted by the $25 million milestone we earned as Novartis initiated its Phase 2 development of NIS793, an anti-TGF\u03b2 monoclonal antibody, in patients with metastatic pancreatic cancer,\u201d stated Jim Neal, Chief Executive Officer at XOMA.<\/p>\n

\u201cOur business model is unique in that we are able to expand our portfolio by taking a long-term view of the development process and potential associated economics.\u00a0 As an example, in 2019 we acquired interests in two exciting platform technologies that we believe will produce multiple clinical candidates to further increase our royalty license portfolio.\u00a0 One of those arrangements with Bioasis led to our acquisition in November of the economic rights to four lysosomal storage disorder enzymes the Chiesi Group is exploring for rare disease indications.<\/p>\n

\u201cWe are pleased to report XOMA is in a strong financial position with more than $84.2 million in cash at the end of 2020.\u00a0 Our operating expenses remain at our targeted levels.\u00a0 Our recent perpetual preferred equity offering provided us with additional capital to continue to acquire milestone and royalty assets to further increase the potential value of our portfolio.\u201d<\/p>\n

\n Business Highlights<\/strong>\n <\/p>\n