XOMA and Schering-Plough Add New Programs to Antibody Collaboration
Wednesday January 17, 8:50 am ET
BERKELEY, Calif., Jan. 17, 2007 (PRIME NEWSWIRE) -- XOMA Ltd. (NasdaqGM:XOMA - News) announced that Schering-Plough Corporation (NYSE:SGP - News) exercised its right to initiate additional discovery and development programs under their collaboration for therapeutic antibody products. XOMA has received up-front payments for each of the additional collaboration programs and will also receive research funding for each project as well as success based milestones and royalties on the sale of any products that result from the collaboration.
``We have made significant progress on the first product program since its initiation with Schering-Plough in mid-2006,'' said Jack Castello, chairman of the board, president, and chief executive officer of XOMA. ``We look forward to advancing the new programs in a similar high quality and expedited manner.''
About the XOMA-Schering-Plough Collaboration
On May 23, 2006, XOMA announced the initiation of a collaboration with Schering-Plough Corporation through its research and development arm, Schering-Plough Research Institute, for therapeutic monoclonal antibody discovery and development. Under the agreement, XOMA is responsible for discovering therapeutic antibodies against multiple targets selected by Schering-Plough. Other XOMA activities are expected to include preclinical studies to support regulatory filings, cell line and process development, and production of antibodies for initial clinical trials. Schering-Plough will make up-front and milestone payments to XOMA, fund XOMA's R&D activities related to the agreement, and pay royalties to XOMA on sales of products resulting from the collaboration. |
