It is easy to complain about Xoma's management. I do it all the time. And yet, and yet, one has only to look at what happened to so many of the most favored biotech companies, not to speak of telcoms and other high tech stocks, to be made aware that Xoma management, far from screwing up has enhanced and strengthened the company. Sure we have those who perpetuate and even believe the string of failures myth.
Xoma is much stronger today than it was five years ago. Much of the risk has been wrung out or at worst changed from one type of risk to a different type, that is more acceptable.
Both you and I wanted progress with Neuprex and BPI yesterday, but Xoma told us years ago that the focus was on hu1124, aka Xanelim, aka Raptiva.
Xoma management was right. Were would Xoma be today if the focus had remained on BPI and Neuprex?
We don't know yet if Baxter is going to default on its' agreement. I am assuming it will, but we don't know. Management did not abandon Neuprex, it made what appeared to be a most rational decision to speed its' development without further expense to Xoma, while Xoma maintained a major stake in the product and had significant milestone products. Agreements do not always work out. |
