Xoma has received up-front payments for each of the additional collaboration programs and will also receive research funding for each project as well as success based milestones and royalties on the sale of any products that result from the collaboration.
“We have made significant progress on the first product program since its initiation with Schering-Plough in mid-2006,” said Jack Castello, president and CEO of Xoma. “We look forward to advancing the new programs in a similar high quality and expedited manner.”
Under the agreement, Xoma is responsible for discovering therapeutic antibodies against multiple targets selected by Schering-Plough. Other Xoma activities are expected to include preclinical studies to support regulatory filings, cell line and process development, and production of antibodies for initial clinical trials.