Owen Hughes Appointed Chairman of the Board; Brad Sitko Appointed Chief Investment Officer
EMERYVILLE, Calif., Jan. 4, 2023 (GLOBE NEWSWIRE) — XOMA Corporation (NASDAQ: XOMA), a biotech royalty aggregator, announced today that Jim Neill stepped down as CEO and announced two new appointments. Announced the addition of veterans from the financial and biotech industries. Created an executive leadership role to drive the next phase of our accelerated growth. Neal will step down from the company’s board effective January 1, 2023. The board has appointed Owen Hughes as chairman of the board and Brad Cicco as his chief investment officer at XOMA.
“The Board has recognized that XOMA’s growth is best served by a leadership structure that reflects the unique demands of our loyalty aggregator strategy. and scaling expertise will benefit XOMA and its stakeholders as they enter a new era for the company.The Board of Directors will support their efforts to accelerate the expansion of XOMA’s loyalty portfolio. “We are fully committed to this,” said W. Denman (Denny) Van Ness, XOMA’s Lead Independent Director.
“Over the years, under the leadership of the Board of Directors, Jim Neil and his team have built XOMA’s legacy of innovation and a loyalty-driven business model with the potential to generate sustainable cash flow for our shareholders well into the future. has been implemented,” said Hughes. “Partnering with Brad and team to effectively and efficiently deploy capital and generate positive uncorrelated returns for shareholders, his new role for XOMA as a capital provider in the biotech ecosystem. We look forward to further establishing the
Sitko said: Accelerating loyalty monetization, strategic planning and portfolio management experience, infused into loyalty aggregation strategies designed to generate superior risk-adjusted returns on these investments for XOMA’s shareholders We want to build a broad portfolio. ”
Hughes is CEO of Sail Bio, Inc., a privately held company founded in 2022. His operational experience includes roles as Chief Executive Officer, Co-Founder and Member of the Board of Directors of Cullinan Oncology. He is Chief Business Officer and Corporate Development Officer of Intarcia Therapeutics, Inc. Mr. Hughes also brings his 15 years of healthcare finance experience to XOMA, including Director of Bain Capital, LP and Fidelity Investments where he is the portfolio manager of Pyramis Global Advisors LLC. company. He currently serves as Chairman of the Board of Directors of Ikena Oncology, Former Chairman of Radius Health, Lead of Translate Bio He served as Director of Independents He served as Director of Garnet respectively until Point He sold to Capital and Sanofi was Mr. Hughes holds a BA in History from Dartmouth College.
Mr. Sitko joined XOMA from RTW Investments, LP, a leading life sciences investment firm, where he led the company’s royalty transactions as Managing Director. He also served as a member of the ICAV board of directors of the company and was the founder and chief financial officer of a Shanghai-based nurtured biopharmaceutical company. Mr. Sitko brings deep expertise in royalty monetization, having worked with this asset class for over 15 years as an investor, investment banker and strategy consultant. Life During his 20-year career in science, Mr. Sitko has served as Vice President of Finance, Operations and Corporate Development at his DNAnexus and Director of Investment Banking at MTS Health Partners. . His biopharmaceutical consulting experience includes roles at The Frankel Group / BioDevelopment Ventures and his Datamonitor. Mr. Sitko holds a bachelor’s degree from the University of Pennsylvania and his MBA in Finance, Healthcare and Pharmaceutical Management from the Columbia Business He School.
About XOMA Corporation
XOMA is a biotech royalty aggregator, playing a unique role in helping biotech companies achieve their goals of improving human health. XOMA captures the potential future economics associated with premarket therapeutic drug candidates licensed to pharmaceutical or biotechnology companies. Once XOMA acquires future economics, the seller will receive non-dilutive, non-recourse funding that can be used to advance internal drug candidates or for general corporate purposes. We have a broad and growing portfolio of over 70 assets, defined as entitlements to potential future economics related to advances in underlying therapeutic candidates. For more information on the company and its portfolio, please visit www.xoma.com.
Forward-looking statements/notes of explanation
Certain statements contained in this press release 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. For this portfolio to generate sustainable cash flow and positive returns over the long term. In some cases, we use terms such as “predict”, “intend”, “believe”, “estimate”, “plan”, “seek”, “predict”, “expect”, “could”, etc. The terminology identifies such forward-looking statements. , “would”, “would”, “could” or “should”, negative forms of these terms or similar expressions. These forward-looking statements are not guarantees of XOMA’s performance and undue reliance should not be placed on such statements. These statements are based on assumptions that may not prove to be accurate and actual results may be subject to risks associated with the fact that our product candidates covered by out-licensing agreements are still in development. Certain risks inherent in the biotechnology industry, including, could result in material differences from those anticipated. Our licensees may require significant funds to continue development, which may not be available. We do not know whether a viable market for products in which we have an ownership or royalty interest exists or will continue to exist. If the therapeutic candidates for which we hold royalties do not receive regulatory approval, our third party licensees may not market them. Impact on the global economy as a result of the COVID-19 pandemic. Other potential risks to XOMA’s ability to meet these expectations are detailed in XOMA’s most recent Form 10-K and other filings with the U.S. Securities and Exchange Commission. Please consider such risks carefully when considering XOMA’s prospects. The forward-looking statements in this press release represent his beliefs and assumptions of XOMA as of the date of this press release only and should not be relied upon as representing his views of XOMA as of any date thereafter. is not. XOMA undertakes no obligation to update any forward-looking statements, except as required by applicable law.
Description: References in this press release to a “portfolio” strictly refer to milestone and/or royalty rights associated with a basket of drugs under development. References in this press release to “assets” strictly refer to milestone and/or royalty rights associated with each individual drug product under development.
As of the date of this press release, all assets in XOMA’s milestone and royalty portfolio are investigational, except for Vabysmo® (falisimab). Efficacy and safety have not been established. There is no guarantee that the compounds under study will become commercially available.
|XOMA investor contact||XOMA media contact|
|Julian Snowden||Cathy Vincent|
|Zoma Co., Ltd.||KV Consulting & Management|
|+1 646-438-9754||+1 310-403-8951|