XOMA in trouble as 2008 loss rockets

XOMA, a California, USA-based drug developer, reported a 2008 loss that increased more than three-fold year-on-year, as its figures returned to  normal after a 2007 payment from global drug giant Pfizer.

The firm's net loss rocketed to $45.2 million, or $0.34 loss per share,  versus a loss of $12.3 million, or $0.10 loss per share. As of December  31, 2008, the firm had just $9.5 million in cash and cash equivalents,  down 58% from the same point of the year before. Sales declined 19% to  $68.0 million, while R&D expenses reached $82.6 million, increasing by  25%.

The results were mainly attributable to a $30.0-million payment from  Pfizer received in 2007 for access to XOMA's Bacterial Cell Expression  technology. However, the firm still needs to recover greater turnover.  It hopes to license its candidate XOMA 052 during 2009 and, in order to  help in negotiations, the firm is not providing full-year guidance to  shareholders.