XOMA Reports Fourth Quarter and Full Year 2017 Financial Results and Provides Business Update

XOMA (Nasdaq:XOMA), a pioneer in the discovery, development and licensing of therapeutic antibodies, today announced its fourth quarter and full year 2017 financial results and business highlights.

As quoted in the press release:

“In 2017, we completely transformed XOMA’s business model and operations. We are now a lean, well-capitalized royalty aggregator with the potential to generate significant future milestone payments and recurring revenue. We added nine new partner-funded programs during the year, including two additional licenses with Novartis. We dramatically reduced our cost structure, eliminated $32 million of short-term debt, and extended our projected cash runway beyond that of most biotechnology companies,” stated Jim Neal, Chief Executive Officer of XOMA. “In the year ahead, we plan to further expand our portfolio of partner-funded programs. We have become more aggressive in our activities to acquire potential milestone and royalty revenue streams on additional assets. We also have increased our focus on out-licensing our internally developed product candidates, including our IL-2 program. Ultimately, we believe we will create additional near- and long-term value for shareholders in 2018.”

Click here to read the full press release.