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To: Galirayo who wrote (16097)	3/8/2006 7:11:34 PM
From: ACAN	Respond to of 23958

Ray; [XOMA] - could rock and roll tomorrow Wednesday March 8, 6:37 pm ET Significant Revenue Growth and Other Key Milestones Attained in 2005 BERKELEY, Calif.--(BUSINESS WIRE)--March 8, 2006--XOMA Ltd. (NASDAQ:XOMA - News), a leader in the discovery and development of antibody therapeutics for cancer and immunological disorders, today announced its results for the quarter and full year ended December 31, 2005. Total revenues in 2005 were $18.7 million, compared with $3.7 million in 2004. The increase was due to several factors, including increases in royalty revenues from the sale of Genentech, Inc.'s (NYSE:DNA - News) RAPTIVA®, revenues from our arrangements with Genentech, Chiron Corporation (NASDAQ:CHIR - News) and the National Institute of Allergy and Infectious Diseases (NIAID), and upfront and milestone payments related to the out-licensing of our products and technologies, and other collaborative arrangements. Operating expenses in 2005 were $54.7 million compared with $81.8 million in 2004. The reduction in expense was principally due to a reduction in spending on MLN2222, reduced spending as a result of the termination of our collaboration with Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN - News) and reduced spending on RAPTIVA® following the restructuring of our collaboration arrangement with Genentech. These reductions were partially offset by increased spending on our collaboration arrangements with Chiron, Aphton Corporation (NASDAQ: APHT - News), Lexicon Genetics (NASDAQ:LEXG - News), and our R&D work for NIAID. Net income was $2.8 million or $0.03 per share for the fiscal year ended December 31, 2005, compared with a net loss of $78.9 million or $0.93 per share for the year ended December 31, 2004. The improvement in net income was primarily a result of the restructuring of our Genentech arrangement and subsequent extinguishment of our obligation to pay $40.9 million under a development loan from Genentech, which was recorded as a gain on extinguishment of debt in 2005. Cash, cash equivalents and short-term investments at December 31, 2005 were $43.5 million, compared with $24.3 million at December 31, 2004. This $19.2 million increase primarily reflects net proceeds from our convertible debt financing of $56.4 million and the drawdown on our Chiron loan facility of $12.4 million, offset by cash used in operations of $44.2 million, cash used in capital investing activities of $4.8 million and cash used in other financing activities of $0.4 million. Allan