XOMA Announces Expiration of Oncology Exclusivity Obligation With Novartis
Wednesday February 28, 3:04 am ET
Collaboration Focused On Advancing Multiple Products Including HCD122, an Anti-CD40 Monoclonal Antibody Currently in Phase I Studies
Expiration of the Oncology Exclusivity Term Expands XOMA's Independent
Partnering Opportunities for Therapeutic Antibody
Discovery and Development
BERKELEY, Calif., Feb. 28, 2007 (PRIME NEWSWIRE) -- XOMA Ltd. (NasdaqGM:XOMA - News) announced today that pursuant to the terms of its collaboration agreement with Chiron Corp. (subsequently acquired by Novartis AG, ``Novartis''), the parties' mutual obligations to conduct antibody discovery, development and commercialization work together on an exclusive basis in oncology have expired, except with respect to existing collaboration projects which have reached the development stage. XOMA and Novartis are continuing to jointly develop multiple products, including HCD122, an anti-CD40 fully-human monoclonal antibody possessing a unique dual mechanism of action that is currently in two Phase I clinical trials for Multiple Myeloma and Chronic Lymphocytic Leukemia.
All other terms of the collaboration remain in effect including XOMA's access to the original $50 million loan facility.
XOMA entered into the collaboration agreement with Novartis in order to achieve several important objectives, including:
- To obtain rights to develop and commercialize HCD122, a product
candidate identified as having significant medical and commercial
potential;
- To further build XOMA's pipeline by securing access to a collection
of validated targets for the discovery and development of new
therapeutic antibody product candidates; and
- To secure funding to partially offset the expense of XOMA's oncology
research and development efforts.
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Jack Castello, chairman, president and chief executive officer of XOMA, said, ``We are pleased to have accomplished these important objectives and we look forward to continuing to work with Novartis in advancing the existing collaboration projects. In addition, the expiration of the oncology exclusivity provision, particularly in view of the fact that more than half of the promising therapeutic antibodies that reach the clinic are oncology-related, provides XOMA with a major opportunity for new product development and partnering relationships.''
About XOMA
XOMA is a leader in the discovery, development and manufacture of therapeutic antibodies, with a therapeutic focus that includes cancer and immune diseases. XOMA has royalty interests in RAPTIVA(r) (efalizumab), a monoclonal antibody product marketed worldwide (by Genentech, Inc. and Merck Serono S.A.) to treat moderate-to-severe plaque psoriasis, and LUCENTIS(r) (ranibizumab injection), a monoclonal antibody product marketed worldwide (by Genentech and Novartis) to treat neovascular (wet) age-related macular degeneration.
The company has built a premier antibody discovery and development platform that includes access to seven of the leading commercially available antibody phage display libraries and XOMA's proprietary Human Engineering(tm) and bacterial cell expression (BCE) technologies. More than 45 companies have signed BCE licenses. XOMA's development collaborators include Lexicon Pharmaceuticals, Inc., Novartis, Schering-Plough Corporation and Takeda Pharmaceutical Company Limited. With a fully integrated product development infrastructure, XOMA's product development capabilities extend from preclinical sciences to product launch. For more information, please visit the company's website at xoma.com. |
