BERKELEY, Calif., Jan. 5, 2009 (GLOBE NEWSWIRE) -- XOMA, Ltd. (Nasdaq:XOMA), a
leader in the discovery and development of antibody therapeutics, announced
today the appointment of Fred Kurland to the position of Vice President, Finance
and Chief Financial Officer (CFO). In that position, Mr. Kurland will be
responsible for directing XOMA's financial strategy, accounting, financial
planning and investor relations functions.
"Fred is a seasoned financial executive with over 30 years of experience in
biotechnology and pharmaceutical companies including Aviron/MedImmune, Protein
Design Labs and Syntex/Roche," noted Steve Engle, Chairman and CEO of XOMA. "He
will be a very valuable addition to XOMA's executive team, particularly as our
anti-IL-1 beta blocker XOMA 052 advances into Phase 2 trials."
Prior to joining XOMA, Mr. Kurland served as CFO of Bayhill Therapeutics, Inc.,
Corcept Therapeutics Incorporated and Genitope Corporation. From 1998 to 2002,
Mr. Kurland served as Senior Vice President and CFO of Aviron, acquired by
MedImmune for $1.5 billion in 2001 and developer of FluMist. From 1996 to 1998,
he was Vice President and CFO of Protein Design Labs, Inc., an antibody design
company, and from 1995 to 1996, he served as Vice President and CFO of Applied
Immune Sciences, Inc.
Mr. Kurland held a number of financial management positions at Syntex
Corporation, a $2.1 billion pharmaceutical company acquired for $5.3 billion by
Roche, including Vice President and Controller between 1991 and 1995. He
received his J.D. and M.B.A. degrees from the University of Chicago and his B.S.
degree from Lehigh University.
About XOMA
XOMA discovers, develops and manufactures therapeutic antibody and other agents
designed to treat inflammatory, autoimmune, infectious and cancerous diseases.
The company's proprietary product pipeline includes XOMA 052, an anti-IL-1 beta
antibody, and XOMA 3AB, a biodefense anti-botulism antibody candidate.
XOMA's proprietary development pipeline is primarily funded by multiple revenue
streams resulting from the licensing of its antibody technologies, product
royalties, development collaborations and biodefense contracts. XOMA's
technologies and experienced team have contributed to the success of marketed
antibody products, including RAPTIVA(r) (efalizumab) for chronic moderate to
severe plaque psoriasis, LUCENTIS(r) (ranibizumab injection) for wet age-related
macular degeneration and CIMZIA(r) (certolizumab pegol) for Crohn's disease.
The company has a premier antibody discovery and development platform that
incorporates leading antibody phage display libraries and XOMA's proprietary
Human Engineering(tm) and bacterial cell expression and manufacturing
technologies. Bacterial cell expression (BCE) is a key breakthrough
biotechnology for the discovery and manufacturing of antibodies and other
proteins. As a result, more than 50 pharmaceutical and biotechnology companies
have signed BCE licenses.
In addition to developing its own products, XOMA develops products with premier
pharmaceutical companies including Novartis AG, Schering-Plough Research
Institute and Takeda Pharmaceutical Company Limited. XOMA has a fully integrated
product development infrastructure, extending from pre-clinical science to
approval, and a team of 335 employees at its Berkeley location. For more
information, please visit http://www.xoma.com.
Certain statements contained herein relating to 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 the results of discovery research and
preclinical testing; the timing or results of pending and future clinical trials
(including the design and progress of clinical trials; safety and efficacy of
the products being tested; action, inaction or delay by the FDA, European or
other regulators or their advisory bodies; and analysis or interpretation by, or
submission to, these entities or others of scientific data); uncertainties
regarding the status of biotechnology patents; uncertainties as to the cost of
protecting intellectual property; changes in the status of the existing
collaborative and licensing relationships; the ability of collaborators,
licensees and other third parties to meet their obligations; market demand for
products; scale up and marketing capabilities; competition; international
operations; share price volatility; XOMA's financing needs and opportunities;
and risks associated with XOMA's status as a Bermuda company, are described in
more detail in XOMA's most recent annual report on Form 10-K and in other SEC
filings. Consider such risks carefully in considering XOMA's prospects.
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CONTACT: Porter Novelli Life Sciences for XOMA
Media & Investors Contact:
Carolyn Hawley
619-849-5375
chawley@pnlifesciences.com
