Thank you for your kind words. I too have a decent position in Xoma that I believe is absolutely warranted based on my research. My average is in a comfortable range considering this is one of those wild Biotechs. Having said that, it is my observation that a majority are in a substantial negative position as a result of the Eyeguard B results. I want to emphasize this point very clearly. I did not buy Xoma based on the Eyeguard potential. I would never look at any Biotech that is a one trick pony. Your chances of suffering a catastrophic loss are close to 100% of losing 100% of your investment. Diversification does not just apply to one's portfolio solely, but within an investment as well, especially Biotech and Mining stocks. Xoma's pipeline first attracted me to the stock. To be successful in Biotechs, you need to have multiple safety nets or a deep and robust pipeline. When you get big enough like Norvatis for example you are diversifying by acquiring these small development Biotechs. It's not rocket science. My confidence is in the pipeline and the focus on the most promising candidate within that pipeline which will be changing during the trials. That is a very fluid situation in a company like Xoma. Having the ability to be small and nimble enough to move on from disappointments which always occur and should be part of your risk assessment is key. Taking effective and proper action to advance goals that meet the objective are to be embraced, and not criticized in my view. You evaluate, reboot, and execute a new plan and layout the pathway critiquing and eliminating the weak links where necessary and replacing with stronger un-breakable ones. This sector is by its very nature is incredibly risky and results are always uncertain and never guaranteed. Stick with those development and commercial companies that mitigate risk by spreading it over a wide array of potential candidates and drugs currently in their suite of offerings. The past is in the past, Norvatis is evidence of that. Do these negative people really believe that Norvatis and Cowen and Co haven't done complete risk assessment ad nauseam? Simply put, they have extended a small amount of their treasure and a large amount of their time to have access to a substantially larger treasure in the future. Best of luck in your investment journey as well.
