XOMA (NASDAQ: XOMA) shares are up 14% mid-morning following news the company has agreed to sell 1.2 million shares of its common stock and 5,003 shares of convertible preferred stock directly to Biotechnology Value Fund, L.P. and certain of its affiliates (BVF) in a registered direct offering priced at $4.03 per share. The total number of shares of common stock issued upon conversion of all issued Series X Preferred Stock will be 5,003,000 shares. XOMA anticipates total gross proceeds from the offering will be approximately $25 million. Subject to customary closing conditions, the offering is expected to close on February 15, 2017.
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About XOMA
XOMA discovers and develops innovative antibody therapeutics. XOMA has an extensive portfolio of products, programs, and technologies that are the subject of licenses the company has in place with other biotech and pharmaceutical companies. There are over 25 such programs that are funded by other companies and could produce milestone payments and royalty payments in the future. For more information visit www.xoma.com.
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