(NASDAQ:XOMA)XOMA Reports 2005 Results; Significant Revenue Growth and Other Key Milestones Attained... [FWSPZGC]
XOMA Reports 2005 Results; Significant Revenue Growth and Other Key Milestones Attained in 2005
BERKELEY, Calif.--(Business Wire)--March 8, 2006--
XOMA Ltd. (NASDAQ:XOMA), 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) RAPTIVA(R), revenues from our arrangements with Genentech,
Chiron Corporation (NASDAQ:CHIR) 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) and reduced spending on RAPTIVA(R) 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), Lexicon Genetics (NASDAQ:LEXG), 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.
A more detailed discussion of the financials is provided below and
in XOMA's 10-K filing.
"I am pleased with the progress we made in 2005 in demonstrating
the power of our business model and our goals of moving the company
towards profitability, broadening the product pipeline, and reducing
our financial and development risk," said John L. Castello, President,
Chairman and CEO of XOMA. "In addition to the growth of RAPTIVA(R)
sales for psoriasis in the US, Genentech's international partner
Serono, S.A. continues to gain approval in more countries and is
growing international sales. Our oncology collaboration with Chiron
yielded the commencement of clinical trials for CHIR-12.12 in two
indications, and we initiated a collaboration with Lexicon. Our
strategy of utilizing our manufacturing assets to generate revenue
resulted in two significant contracts. During the year, we also made
important progress on our own internal development programs, including
those for BPI and an exciting new compound, XMA 005.2."
XOMA Ltd.
Investor Relations
Paul Goodson, 510-204-7270
Copyright Business Wire 2006
08Mar06 23:37 GMT
Symbols:
de;XOM de;XOMF de;XOMX us;XOMA
Source BW Business Wire
AI
