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XOMA Highlights Recent Achievements And Reports Financial Results For First Quarter 2013

Stocks in this article: XOMA

BERKELEY, Calif., May 8, 2013 (GLOBE NEWSWIRE) -- XOMA Corporation (Nasdaq:XOMA), a leader in the discovery and development of therapeutic antibodies, today reported its operational highlights and financial results for the quarter ended March 31, 2013.

  • Announced encouraging interim results from gevokizumab Phase 2 study for moderate to severe acne vulgaris, the first indication in a program of three proof-of-concept ("POC") studies for gevokizumab. The data generated supports further development in this indication.
  • Focused on advancing the gevokizumab Phase 3 EYEGUARD™ pivotal studies in non-infectious uveitis ("NIU").
  • Advanced the second gevokizumab Phase 2 POC study in patients with erosive osteoarthritis of the hand ("EOA").
  • Appointed Tom Klein as Vice President, Chief Commercial Officer, a newly created position.

XOMA reported total revenues of $9.5 million in the first quarter of 2013, compared with $9.9 million in the corresponding period of 2012. The small decrease in 2013 revenues was due primarily to a reduction in contract and other revenue associated with NIAID contracts. For the quarter ended March 31, 2013, XOMA had a net loss of $24.9 million (or $0.30 per share), compared with a net loss of $30.4 million, or $0.69 per share, for the quarter ended March 31, 2012. The net loss for the first quarters of 2013 and 2012 included a non-cash charge of $12.8 million (or $0.16 per share) and $14.4 million (or $0.33 per share), respectively, both of which were related to the revaluation of contingent warrant liabilities, which resulted primarily from the appreciation of XOMA's stock price.  Excluding these non-cash charges, net loss in the first quarters of 2013 and 2012 was $12.0 million (or $0.15 per share) and $16.0 million (or $0.36 per share), respectively.  

"We focused our first quarter activities on advancing the gevokizumab Phase 3 pivotal studies in patients with NIU and on executing our second gevokizumab proof-of-concept study in patients with erosive osteoarthritis of the hand. Based upon the enrollment in the EOA study, we anticipate receiving the top-line data around Labor Day," stated John Varian, Chief Executive Officer of XOMA.  "In addition, we are very pleased with the initial results from our first gevokizumab Phase 2 POC study in patients with moderate to severe inflammatory acne which we announced early in the quarter. We believe the data establishes that IL-1 beta plays a role in moderate to severe inflammatory acne, and the feedback from key opinion leaders in dermatology supports further development. We look forward to the results from our EOA study to inform our decision as to our next Phase 3 indication."

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