Allergan Returns rBPI Ophthalmic Development Rights to XOMA.Business Editors/Health & Medical Writers BERKELEY, Calif.--(BW HealthWire)--Nov. 16, 2000 XOMA Ltd. (Nasdaq:XOMA), a biopharmaceutical company developing products for immunological and inflammatory disorders, infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. and cancer, today announced that Allergan, Inc. has decided to terminate its agreement with XOMA to develop ophthalmic anti-infective products. All rights to ophthalmic anti-infective products containing rBPI (recombinant bactericidal/permeability-increasing protein) will revert to XOMA. "Allergan has told us at this time they have more promising research and development product candidates than they can reasonably fund," said Jack Castello, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of XOMA. "Consequently, they have made the difficult business decision to discontinue further development of products under the XOMA agreement." "Even though the product has been meeting scientific and development objectives and our working relationship with them has been excellent, we have to respect Allergan's business decision," Mr. Castello commented. "I would point out that the discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of this agreement has no material impact on XOMA's current financial position." XOMA develops and manufactures antibody and other protein biopharmaceuticals. Late-stage programs include a collaboration with Genentech, Inc. to develop the anti-CD11a antibody product for psoriasis (Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA ) and kidney transplant kidney transplant or renal transplant Replacement of a diseased or damaged kidney with one from a living relative or a legally dead donor. The former's tissue type is more likely to match, reducing the chance of rejection; but removal puts the donor at risk, rejection (Phase I/II), and an agreement with the Hyland Immuno Division of Baxter Healthcare Corporation to develop NEUPREX(R) (a systemic formulation of rBPI21) for multiple indications. Earlier stage products include: ING-1, a Human Engineered(TM) antibody now in Phase I studies for cancer; Genimune(TM), a Human Engineered(TM) antibody-based immunofusion product in preclinical development for autoimmune diseases Autoimmune diseases A group of diseases, like rheumatoid arthritis and systemic lupus erythematosus, in which immune cells turn on the body, attacking various tissues and organs. Mentioned in: Complement Deficiencies, Premature Menopause and immunological cancers; Mycoprex(TM), a compound in preclinical development for the treatment of fungal infections Fungal infections Several thousand species of fungi have been described, but fewer than 100 are routinely associated with invasive diseases of humans. ; and antiangiogenic an·ti·an·gi·o·gen·ic adj. Inhibiting the growth of blood vessels. antiangiogenic compounds for retinal disorders. For more information about XOMA's pipeline and activities, visit XOMA's web site at www.xoma.com. Statements made in this news release related to collaborative agreements and other aspects of product development, or that otherwise relate to future periods, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions that may not prove accurate. Actual results could differ materially from those anticipated due to certain risks inherent in the biotechnology industry and for companies engaged in the development of new products in a regulated market. These risks, including those related to changes in the status of the Company's collaborative relationships, the timing or results of pending or future clinical trials, actions by the Food and Drug Administration or the U.S. Patent and Trademark Office, and uncertainties regarding the status of biotechnology patents, are discussed in the Company's most recent annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and in other SEC filings. Consider such risks carefully in evaluating XOMA's prospects. |
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