Business
XOMA Reports Second Quarter 2020 Financial Results
Partners continue to advance clinical assets within the XOMA milestone and royalty portfolio, despite COVID-19-related clinical impacts EMERYVILLE, Calif.,
About this update from Xoma Royalty Corporation
[{"type":"text","content":"Partners continue to advance clinical assets within the XOMA milestone and royalty portfolio, despite COVID-19-related clinical impacts\nEMERYVILLE, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- XOMA Corporation (Nasdaq: XOMA), today announced its second quarter 2020 royalty asset portfolio advancements and financial results. \n “With a healthy cash position, a low-cost infrastructure, and a strict discipline on capital deployment, XOMA remains in a strong position to continue executing on our royalty-aggregator strategy to create near- and long-term value for shareholders. We were pleased to expand our Board of Directors with the appointment of Natasha Hernday, Senior Vice President, Corporate Development at Seattle Genetics, who brings significant expertise in sourcing and executing licensing deals, acquisitions, and partnerships that are complementary to our business model,” stated Jim Neal, Chief Executive Officer. “We recognize COVID-19 continues to impact clinical activities broadly across the industry, and while these challenges may affect the timing of potential milestone payments due to XOMA, they also could create opportunities for us to acquire interesting milestone and royalty assets. “We commend our partners for their continued focus on advancing their therapeutic candidates in the face of COVID-19-related challenges. For example, Ology Bioservices was awarded a contract from the Department of Defense to further its anti-botulinum toxin program,” Mr. Neal added. “Recently, Sesen Bio announced it signed an exclusive license agreement with Qilu Pharmaceutical for the development and commercialization of Vicineum™, a locally administered fusion protein being developed for the treatment of high-risk non-muscle invasive bladder cancer (NMIBC), in Greater China.” Financial ResultsXOMA recorded total revenues of $0.4 million for the second quarter of 2020, compared with $1.0 million recorded for the second quarter of 2019. The decrease for the three months ended June 30, 2020, as compared to the same period in 2019, was due primarily to a $0.5 million milestone recognized under our collaboration agreement with Takeda in the second quarter of 2019. Research and development expenses were $0.04 million for the second quarter of 2020, compared to $0.7 million for the second quarter of 2019. The decrease for the three months ended ...