XOMA - XOMA secures $25M payment from Novartis related to NIS793 development

XOMA's (XOMA) NIS793, an anti-TGF? monoclonal antibody has advanced to the Phase 2 stage. The event has triggered a $25M milestone payment from Novartis.The Phase 2 trial is designed to assess the efficacy and safety of NIS793 in first-line metastatic pancreatic ductal adenocarcinoma.“This milestone payment further strengthens XOMA’s financial resources as we pursue our royalty aggregation strategy and reduces our Novartis debt obligation to less than $10M", stated Jim Neal, CEO of XOMA.As specified under the terms the agreements between XOMA and Novartis,~30% of the NIS793 milestone will be applied as a partial payment towards XOMA’s debt obligation to Novartis, and the remaining balance will be paid in cash to XOMA.

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XOMA secures $25M payment from Novartis, related to NIS793 development