Reports Q1 revenue $8.13M, consensus $4.22M. We continued to execute on our royalty-aggregator business model in 2019. In early April, we announced we are acquiring the potential royalty rights associated with five hematology assets, three of which are being developed under a collaboration with Bayer, and a percentage of the future milestone payments associated with the assets,” stated Jim Neal, Chief Executive Officer of XOMA. “Milestone payments help fuel XOMA’s model, as they are a means of adding non-dilutive capital that can fund our royalty asset acquisitions. As I have articulated in the past, we maintain a lean infrastructure to allow our milestones and royalties to have a meaningful impact on our financial results. This quarter’s $5.5 million milestone payment had a significant positive impact on XOMA’s financial statements.” Novartis (NVS) announced gevokizumab will enter oncology clinical studies. “There was a great deal of activity on XOMA-partnered assets in the first quarter of 2019, including the posting of Novartis’ first clinical study for gevokizumab in oncology. Given all that has happened with gevokizumab over the years, seeing that study posted on ClinicalTrials.gov was a proud moment for everyone at XOMA,” concluded Mr. Neal. Novartis also continued to expand the iscalimab Phase 2 development program and posted two additional Phase 2 trials on ClinicalTrials.gov during the first quarter. The anti-CD40 antibody is being studied in six separate indications across ten ongoing or completed trials.
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