XOMA Earns Milestone for First Patient Dosed in Phase 3 Development Program
EMERYVILLE, Calif., May 03, 2021 (GLOBE NEWSWIRE) -- XOMA Corporation (Nasdaq: XOMA) (“XOMA” or the “Company”) today announced it has earned a $0.5 million milestone from Janssen Biotech, Inc. (Janssen), as a result of the first patient dosed in a Phase 3 clinical trial evaluating one of Janssen’s biologic assets.
“Since 2017, our milestone and royalty portfolio has seen 27 advancements from one phase of development to the next. Each advance increases the potential value of the asset, as it moves closer to a possible regulatory approval and market launch. Cetrelimab is the second molecule to advance to Phase 3 development since we pivoted to become a biotech royalty aggregator in 2017,” stated Jim Neal, Chief Executive Officer at XOMA. “We congratulate Janssen on reaching this important step and wish them continued success in their clinical development endeavors.”
Under the terms of the agreement with Janssen, XOMA has the potential to receive additional regulatory milestone payments should Janssen achieve marketing approval, and upon commercialization, the Company will receive a royalty on future commercial sales. Should Janssen expand its late-stage development activities beyond the targeted indication, XOMA could receive additional milestone economics.
About XOMA Corporation
EXPLANATORY NOTE: Any references to “portfolio” in this press release refer strictly to milestone and/or royalty rights associated with a basket of drug products in development. Any references to “assets” in this press release refer strictly to milestone and/or royalty rights associated with individual drug products in development. References to royalties or royalty rates strictly refer to future potential payment streams regardless of whether or not they are technically defined as royalties in the underlying contractual agreement; further, any rates referenced herein are subject to potential future contractual adjustments.
As of the date of this press release, all assets in XOMA’s milestone and royalty portfolio are investigational compounds. Efficacy and safety have not been established. There is no guarantee that any of these assets will become commercially available.
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