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XOMA Appoints Matthew Perry to its Board of DirectorsBERKELEY, Calif., Feb. 16, 2017 (GLOBE NEWSWIRE) -- XOMA Corporation (Nasdaq:XOMA), a leader in the discovery and development of therapeutic antibodies, today announced the appointment of Matthew Perry, President of BVF Partners L.P. (BVF), to the XOMA Board of Directors. “On behalf of the entire XOMA team, we are thrilled to have Matthew Perry, a highly accomplished investor and industry professional, join our board,” said W. Denman Van Ness, Chairman of the Board of XOMA. “We have an extensive portfolio of products and technologies, including a significant number of development programs fully funded by partner companies, that are expected to generate substantial milestone payments and royalties for XOMA over time,” said Jim R. Neal, Chief Executive Officer of XOMA. “Matthew’s deep business expertise and unique perspective will be invaluable as we capitalize on these and other programs to create growing value for our shareholders. As we indicated just a few weeks ago, our lead development asset, 358, has achieved clinical proof-of-concept and is ready for advancement to the next stage of clinical development. Our intention is to maximize the value of 358 for shareholders through a licensing agreement, either now or after continued investment to improve its value to a prospective partner. We believe this approach will expedite patient access to this important new therapy for those in need of new treatment options in hyperinsulinemic hypoglycemia.” Mr. Perry joined BVF in December 1996 and has been a successful lead investor in dozens of transactions, positively assisting corporate direction for more than twenty years. BVF is a private investment partnership that manages over $1 billion and focuses on value-oriented investment opportunities. Mr. Perry is also a co-founder and director of Nordic Biotech Advisors ApS, a venture capital firm based in Copenhagen, Denmark. Mr. Perry graduated from the College of William and Mary with a B.S. from the Biology department. “XOMA has one of the most extensive portfolios of licensed assets in the life sciences industry, and we believe this portfolio will generate significant milestones and royalties in the future. In addition, the XOMA team has a broad range of holly owned assets that address unmet medical needs, particularly in orphan indications and oncology,” said Mr. Perry. “I am looking forward to being an active board member and helping the company realize its full growth potential by supporting this journey to further harness its 30-plus years of innovation.” “Matthew and his team at BVF have clearly demonstrated their belief that there is significant unrecognized value in XOMA,” added Tom Burns, Vice President, Finance, and Chief Financial Officer of XOMA. “The substantial cost reductions we announced in December, BVF’s investment, and the out-license potential of our unpartnered programs significantly extend our cash runway, enabling us to retain the full value of our partnered programs and help shareholders to fully realize the value of our investment in research and development.” About XOMA Corporation Forward-Looking Statements CONTACTS: Investor contact: Luke Heagle Pure Communications +1 910-726-1372 [email protected] Media contact: Colin Sanford Pure Communications +1 415-946-1094 [email protected] |