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Biotech / Medical : XOMA. Bull or Bear? -- Ignore unavailable to you. Want to Upgrade?

To: aknahow who wrote (10859)	7/22/1999 9:28:00 AM
From: dwight martin	Read Replies (1) \| Respond to of 17367

Looks like the volume discount is about $1, but I guess that is a fairly solid floor for a while? If you had $3MM to invest and someone suggested a biotech company with important trial results pending, what information would you require? Thursday July 22, 8:17 am Eastern Time Company Press Release XOMA Announces $17.4 Million Common Share Financing BERKELEY, Calif.--(BW HealthWire)--July 22, 1999--XOMA Ltd. (Nasdaq:XOMA - news) today announced it has sold 3.0 million common shares in a private financing for gross proceeds of $17.4 million. Sutro & Company and Arnhold & S. Bleichroeder served as placement agents for this transaction. ''Our policy has been to maintain a cash level that will fund our operations for roughly one year,'' said Peter B. Davis, XOMA's Chief Financial Officer. ''Our June 30 cash balance was approximately $20 million. This financing brings us to a more appropriate level in advance of unblinding the data from our recently completed Phase III trial testing NEUPREX® in meningococcemia patients. We are very pleased to complete a straight common share transaction, with no future price adjustments or additional warrants issued to the investors.'' Financing proceeds will be used primarily to fund continued development of products from XOMA's BPI (bactericidal/permeability-increasing protein) drug development platform. Besides the recently completed Phase III trial in meningococcemia patients, the Company's lead BPI-derived product, NEUPREX®, is also being tested in a Phase III trial in patients suffering from hemorrhage due to trauma. XOMA is currently reviewing additional potential indications for NEUPREX®. Other BPI-derived compounds are in earlier stages of development.