XOMA Announces Automatic Conversion of All Remaining Outstanding Convertible Notes
Wednesday March 7, 9:05 am ET
BERKELEY, Calif., March 7, 2007 (PRIME NEWSWIRE) -- XOMA Ltd. (NasdaqGM:XOMA - News) announced today that it has elected to automatically convert all of its remaining outstanding Convertible SNAPs(sm) due 2012 (approximately $2.5 million) into common shares pursuant to the terms of the indenture governing the notes. In the automatic conversion, the Company will issue approximately 1.4 million common shares, including approximately 100 thousand shares to be issued in payment of a portion of the additional interest provided for in the indenture, and will pay holders of the notes a total of approximately $300 thousand in cash in payment of the remaining portion of the additional interest. The automatic conversion will take effect on or about March 27, 2007. All other outstanding Convertible SNAPs(sm) due 2012 have been voluntarily converted by the holders prior to March 7, 2007. After giving effect to the automatic conversion, the Company expects to have approximately 131.5 million common shares outstanding.
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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 AG) 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 HE(tm) and BCE technologies. More than 45 companies have signed BCE licenses. XOMA's development collaborators include Lexicon Pharmaceuticals, Inc., Novartis, Schering 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. |
