FROM MTSL - May 20, 1999
"Investors have responded with approval to XOMA's news of the past several days, with the stock trading as high as $5.69 per share. The company announced the long-awaited conclusion of enrollment in their pivotal Phase III using Neuprex to treat children with meningococcemia. While we believe that one fewer patient died than was outlined in the initial protocol that was authorized by the FDA, we expect that the data will prove positive, and lead to the company's first FDA approval. We estimate that the code will be cracked in July. An interim look at the Phase III hemorrhagic trauma trial, which has already enrolled half ot its anticipated 1,650 patients, will take place this summer as well. Before either of these events, however, we expect a deal for I-PREX to be signed. For these reasons, we are raising our buy limit to $5. For the quarter ended March 31st, XOMA reported a net loss of $13.7 million, or $0.28 per share, compared with a net loss of $10.9 million, or $0.27 per share, for the first quarter in 1998. XOMA is a buy under $5." |
