XOMA to Streamline Operations to Maximize Product Potential
XOMA expects to reduce internal spending by approximately $14 million in 2012 compared to 2011. This reduction in costs allows for investment of a similar amount into gevokizumab's clinical development during 2012.
XOMA Corp. are streamlining to focus on gevokizumab (XOMA 052) opportunities and the company's antibody discovery and development capabilities.
XOMA plans to eliminate 84 positions, or 34% of personnel, with 50 positions to be eliminated immediately and the remainder by the end of 1Q12.
The company plans to use CMOs for Phase III and commercial production and will eliminate internal research functions that can be obtained through the use of contract service providers.
XOMA anticipates taking one-time charges for restructuring and related severance costs totaling approximately $6.0 million during 2012. As a result, XOMA ex
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