Business
XOMA Earns $1.9 Million Associated with Two Partner Developments
Rezolute’s recent private placement triggers $1.4 million payment to XOMAIn an unrelated development, a partner initiated Phase 2 development of an
About this update from Xoma Royalty Corporation
[{"type":"text","content":"Rezolute’s recent private placement triggers $1.4 million payment to XOMAIn an unrelated development, a partner initiated Phase 2 development of an undisclosed asset, which triggers $0.5 million milestone payment to XOMA EMERYVILLE, Calif., Oct. 14, 2020 (GLOBE NEWSWIRE) -- XOMA Corporation (Nasdaq: XOMA) (“XOMA” or the “Company”) today announced it has earned $1.9 million in payments from two partners. The Company earned $1.4 million in accelerated payments from Rezolute, Inc., in connection with its recent private placement to continue advancing RZ358 for congenital hyperinsulinism (“CHI”) and RZ402 for diabetic macular edema (“DME”) in clinical development. Additionally, in a separate development, XOMA has been notified by a partner that the partner has advanced an undisclosed asset in XOMA’s milestone and royalty portfolio into Phase 2 clinical development, triggering a $0.5 million milestone payment. \n “We congratulate Rezolute on attracting high-caliber investors in its recent private placement. Having conducted the early stage studies for RZ358 we were able to get to know the CHI community, the patients, and their families. We know the medical community needs approved treatment options to help families and patients manage this devastating condition. We are very pleased Rezolute has secured this capital to invest in the next stage of clinical development of RZ358 as a potential therapeutic option for CHI patients,” stated Jim Neal, Chief Executive Officer at XOMA. “In addition, it is gratifying to see our monetization strategy continue to mature and produce milestone events like the Phase 2 advancement on the undisclosed partner molecule.” About XOMA Corporation XOMA has built a significant portfolio of products that are licensed to and being developed by other biotech and pharmaceutical companies. The Company’s portfolio of partner-funded programs spans multiple stages of the drug development process and across various therapeutic areas. Many of these licenses are the result of XOMA’s pioneering efforts in the discovery and development of antibody therapeutics. The Company’s royalty-aggregator business model includes acquiring additional milestone and royalty rights associated with drug development programs with third-party funding. For more information, visit www.xoma.com. Safe Harbor Statement Certain statements contai...