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Biotech / Medical : Diversa Corporation (DVSA)

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From: nigel bates	6/1/2005 6:53:54 AM
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Diversa Achieves Milestone Under XOMA Antibody Agreement Wednesday June 1, 6:30 am ET For Generation of High-Affinity Antibody Product Candidate SAN DIEGO and BERKELEY, Calif., June 1 /PRNewswire-FirstCall/ -- Diversa Corporation (Nasdaq: DVSA - News) and XOMA Ltd. (Nasdaq: XOMA - News) today announced the achievement of a milestone under their therapeutic antibody generation and optimization and license agreement for the successful generation of an antibody that binds with sub-picomolar affinity to an undisclosed XOMA target. The milestone achievement will result in an undisclosed payment to Diversa. "This milestone further demonstrates Diversa's ability to generate high-quality antibody product candidates through its technologies," said Jay M. Short, Ph.D., president and chief executive officer of Diversa Corporation. "We are also pleased to report this therapeutic antibody candidate has shown an affinity that is rare and far exceeds the original design goals." "This accomplishment highlights the ability of our two companies to work together to rapidly generate a superior antibody that has shown exceptional potency," said John L. Castello, XOMA's chairman, president and chief executive officer. "We believe this therapeutic antibody candidate has the potential to be an important addition to our pipeline and has great potential as a commercially attractive product for the treatment of autoimmune-inflammatory diseases." Under the terms of the agreement announced in January 2004, Diversa utilizes its proprietary evolution technologies to generate and optimize therapeutic antibodies against targets identified by XOMA, and is entitled to receive undisclosed payments for the achievement of certain milestones as well as royalties on future sales.

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