Business
XOMA Reports First Quarter 2020 Financial Results and Provides COVID-19 Business Update
EMERYVILLE, Calif., May 05, 2020 (GLOBE NEWSWIRE) -- XOMA Corporation (Nasdaq: XOMA) reported its first quarter 2020 financial results and provided a COVID-19
About this update from Xoma Royalty Corporation
[{"type":"text","content":"EMERYVILLE, Calif., May 05, 2020 (GLOBE NEWSWIRE) -- XOMA Corporation (Nasdaq: XOMA) reported its first quarter 2020 financial results and provided a COVID-19 business update.\n “Our first priority is to ensure the safety and well-being of our employees, our consultants, and our partners during the global COVID-19 pandemic. Our small team has been set up from Day One of XOMA’s strategic pivot to be fully capable of working remotely from anywhere around the globe, and we have maintained business continuity during the shelter-in-place directives. I am proud of the team and every member’s dedication to our mission of funding tomorrow’s therapeutic breakthroughs by acquiring the future potential milestone and royalty revenues associated with clinical-stage partnered assets,” stated Jim Neal, Chief Executive Officer of XOMA. “Today’s challenging capital market dynamics are expected to provide us with additional and more diverse acquisition opportunities to build our milestone and royalty portfolio. With more than $53 million in cash at the end of the first quarter, our low-cost infrastructure, and a strict discipline on capital deployment, we are in a healthy financial position. We recognize the challenges that COVID-19 is having on our partners as they enroll and conduct clinical trials, and these challenges may impact the timing of receipt of potential milestone payments, including payments we anticipated from Rezolute, Inc. In order to preserve cash, we have identified certain non-core expenses that we can defer or eliminate to further extend our cash runway. “In the meantime, our partners remain committed to their missions of providing new therapies to patients in need. For example, at the end of March, Compugen dosed the first patient in its Phase 1 clinical trial studying COM902, an immune-oncology therapeutic antibody targeting TIGIT, in patients with advanced malignancies. Earlier in March, we announced a license agreement with Zydus that we anticipate could lead to a novel IL-2 antibody based immuno-oncology therapy for cancer patients. We remain positive as non-COVID-19 medical advances are happening across the healthcare industry, and XOMA will continue to play a role in improving human health,” Mr. Neal concluded. Financial ResultsXOMA recorded total revenues of $0.8 million for the first quarter of 2020, compared to $8.1...