Price Graph
Price
Yield
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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52-2154066
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(State or other jurisdiction
of incorporation or organization)
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(I.R.S. Employer Identification No.)
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2910 Seventh Street, Berkeley,
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(510) 204-7200
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California 94710
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(Address of principal executive offices,
including zip code)
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(Telephone Number)
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Large accelerated filer
o
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Accelerated filer
x
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller
reporting company)
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Class
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Outstanding at November 5, 2012
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Common Stock, $0.0075 par value
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81,555,931
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Page
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PART I FINANCIAL INFORMATION
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Item 1.
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Condensed Consolidated Financial Statements (unaudited)
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1
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2
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3
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4
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Item 2.
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16
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Item 3.
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26
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Item 4.
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27
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PART II OTHER INFORMATION
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Item 1.
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27
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Item 1A.
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28
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Item 2.
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48
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Item 3.
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48
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Item 4.
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48
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Item 5.
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48
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Item 6.
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48
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49
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ITEM 1.
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CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
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September 30, 2012
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December 31, 2011
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|||||||
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(unaudited)
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(Note 1)
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|||||||
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ASSETS
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||||||||
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Current assets:
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||||||
| $ | 42,199 | $ | 48,344 | |||||
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Short-term investments
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16,996 | - | ||||||
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Trade and other receivables, net
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7,005 | 12,332 | ||||||
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Prepaid expenses and other current assets
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2,514 | 2,019 | ||||||
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Total current assets
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68,714 | 62,695 | ||||||
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Property and equipment, net
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8,793 | 12,709 | ||||||
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Other assets
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1,850 | 2,632 | ||||||
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Total assets
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$ | 79,357 | $ | 78,036 | ||||
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LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
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||||||||
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Current liabilities:
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||||||||
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Accounts payable
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$ | 4,223 | $ | 2,128 | ||||
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Accrued and other liabilities
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11,667 | 10,012 | ||||||
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Deferred revenue
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3,545 | 5,695 | ||||||
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Interest bearing obligation – current
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2,349 | 2,796 | ||||||
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Total current liabilities
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21,784 | 20,631 | ||||||
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Deferred revenue – long-term
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6,741 | 7,539 | ||||||
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Interest bearing obligations – long-term
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37,649 | 33,524 | ||||||
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Contingent warrant liabilities
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32,179 | 379 | ||||||
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Other liabilities - long term
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1,284 | 952 | ||||||
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Total liabilities
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99,637 | 63,025 | ||||||
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Stockholders’ (deficit) equity:
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||||||||
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Preferred stock, $0.05 par value, 1,000,000 shares authorized
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- | - | ||||||
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Common stock, $0.0075 par value, 138,666,666 shares authorized, 68,222,598 and 35,107,007 shares outstanding at September 30, 2012 and December 31, 2011, respectively
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512 | 263 | ||||||
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Additional paid-in capital
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938,680 | 900,801 | ||||||
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Accumulated comprehensive income
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12 | - | ||||||
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Accumulated deficit
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(959,484 | ) | (886,053 | ) | ||||
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Total stockholders’ (deficit) equity
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(20,280 | ) | 15,011 | |||||
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Total liabilities and stockholders’ (deficit) equity
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$ | 79,357 | $ | 78,036 | ||||
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Three months ended September 30,
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Nine months ended September 30,
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|||||||||||||||
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2012
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2011
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2012
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2011
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Revenues:
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License and collaborative fees
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$ | 1,127 | $ | 4,859 | $ | 4,665 | $ | 16,725 | ||||||||
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Contract and other
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5,905 | 11,370 | 20,930 | 31,624 | ||||||||||||
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Net product sales
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219 | - | 795 | - | ||||||||||||
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Total revenues
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7,251 | 16,229 | 26,390 | 48,349 | ||||||||||||
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Operating expenses:
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Research and development
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18,381 | 15,851 | 52,592 | 51,479 | ||||||||||||
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Selling, general and administrative
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4,672 | 7,296 | 12,918 | 18,779 | ||||||||||||
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Restructuring
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323 | - | 4,776 | - | ||||||||||||
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Cost of sales
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28 | - | 110 | - | ||||||||||||
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Total operating expenses
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23,404 | 23,147 | 70,396 | 70,258 | ||||||||||||
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Loss from operations
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(16,153 | ) | (6,918 | ) | (44,006 | ) | (21,909 | ) | ||||||||
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Other income (expense):
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||||||||||||||||
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Interest expense
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(1,144 | ) | (652 | ) | (3,211 | ) | (1,818 | ) | ||||||||
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Other (expense) income
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(420 | ) | 528 | (542 | ) | (615 | ) | |||||||||
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Revaluation of contingent warrant liabilities
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(9,208 | ) | 499 | (25,746 | ) | 3,349 | ||||||||||
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Net loss before taxes
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(26,925 | ) | (6,543 | ) | (73,505 | ) | (20,993 | ) | ||||||||
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Provision for income tax benefit (expense)
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74 | - | 74 | (15 | ) | |||||||||||
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Net loss
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$ | (26,851 | ) | $ | (6,543 | ) | $ | (73,431 | ) | $ | (21,008 | ) | ||||
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Basic and diluted net loss per share of common stock
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$ | (0.39 | ) | $ | (0.20 | ) | $ | (1.22 | ) | $ | (0.69 | ) | ||||
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Shares used in computing basic and diluted net loss per share of common stock
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68,189 | 32,761 | 60,239 | 30,623 | ||||||||||||
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Other comprehensive loss:
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Net unrealized gains on available-for-sale securities
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7 | - | 12 | - | ||||||||||||
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Comprehensive loss
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$ | (26,844 | ) | $ | (6,543 | ) | $ | (73,419 | ) | $ | (21,008 | ) | ||||
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Nine Months Ended September 30,
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||||||||
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2012
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2011
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Cash flows from operating activities:
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| $ | (73,431 | ) | $ | (21,008 | ) | |||
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Adjustments to reconcile net loss to net cash used in operating activities:
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Depreciation
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3,308 | 4,052 | ||||||
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Common stock contribution to 401(k)
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1,134 | 1,046 | ||||||
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Stock-based compensation expense
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3,368 | 5,598 | ||||||
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Accrued interest on interest bearing obligations
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878 | 762 | ||||||
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Revaluation of contingent warrant liabilities
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25,746 | (3,349 | ) | |||||
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Restructuring charge related to long-lived assets
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2,241 | - | ||||||
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Amortization of debt discount, final payment fee on debt, and debt issuance costs
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1,388 | 1,019 | ||||||
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Unrealized (gain) loss on foreign currency exchange
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(88 | ) | 1,136 | |||||
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Unrealized loss (gain) on foreign exchange options
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721 | (157 | ) | |||||
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Other non-cash adjustments
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17 | 47 | ||||||
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Changes in assets and liabilities:
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Trade and other receivables, net
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5,251 | 5,964 | ||||||
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Prepaid expenses and other assets
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(421 | ) | (1,850 | ) | ||||
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Accounts payable and accrued liabilities
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3,451 | (1,305 | ) | |||||
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Deferred revenue
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(2,948 | ) | (13,008 | ) | ||||
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Other liabilities
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(47 | ) | 78 | |||||
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Net cash used in operating activities
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(29,432 | ) | (20,975 | ) | ||||
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Cash flows from investing activities:
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||||||||
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Purchases of investments
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(16,988 | ) | - | |||||
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Net purchase of property and equipment
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(2,097 | ) | (2,586 | ) | ||||
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Proceeds from sale of property and equipment
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452 | - | ||||||
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Net cash used in investing activities
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(18,633 | ) | (2,586 | ) | ||||
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Cash flows from financing activities:
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Proceeds from issuance of common stock, net of issuance costs
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39,624 | 12,435 | ||||||
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Proceeds from issuance of long-term debt, net of issuance costs
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4,439 | 20,102 | ||||||
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Principal payments of debt
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(2,143 | ) | - | |||||
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Net cash provided by financing activities
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41,920 | 32,537 | ||||||
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Effect of exchange rate changes on cash
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- | (573 | ) | |||||
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Net increase in cash and cash equivalents
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(6,145 | ) | 8,976 | |||||
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Cash and cash equivalents at the beginning of the period
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48,344 | 37,304 | ||||||
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Cash and cash equivalents at the end of the period
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$ | 42,199 | $ | 45,707 | ||||
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Supplemental Cash Flow Information:
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Cash paid for:
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Interest
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$ | 723 | $ | - | ||||
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Income taxes
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$ | - | $ | 15 | ||||
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Non-cash investing and financing activities:
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Discount on long-term debt
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$ | (55 | ) | $ | (8,899 | ) | ||
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Issuance of contingent warrant liabilities
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$ | 6,053 | $ | - | ||||
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Interest added to principal balances on long-term debt
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$ | 941 | $ | 500 | ||||
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1.
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Description of Business
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2.
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Basis of Presentation and Significant Accounting Policies
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3.
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Condensed Consolidated Financial Statement Detail
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Three Months Ended September 30,
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Nine Months Ended September 30,
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|||||||||||||||
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2012
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2011
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2012
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2011
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Common stock options and restricted stock units
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5,730 | 4,036 | 5,788 | 3,837 | ||||||||||||
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Convertible preferred stock
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- | - | - | 90 | ||||||||||||
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Warrants for common stock
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16,626 | 1,608 | 12,942 | 1,608 | ||||||||||||
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Total
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22,356 | 5,644 | 18,730 | 5,535 | ||||||||||||
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September 30,
2012
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December 31,
2011
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Accrued management incentive compensation
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$ | 2,821 | $ | 4,096 | ||||
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Accrued payroll and other benefits
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2,510 | 3,007 | ||||||
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Accrued clinical trial costs
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3,940 | 140 | ||||||
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Accrued severance payments
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642 | 1,207 | ||||||
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Other
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1,754 | 1,562 | ||||||
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Total
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$ | 11,667 | $ | 10,012 | ||||
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4.
|
Fair Value Measurements
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Fair Value Measurements at September 30, 2012 Using
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|||||||||||||||
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Quoted Prices in
Active Markets for
Identical Assets
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Significant Other
Observable Inputs
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Significant
Unobservable
Inputs
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|||||||||||||
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(Level 1)
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(Level 2)
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(Level 3)
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Total
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|||||||||||||
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Assets:
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Money market funds
(1)
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$ | 30,841 | $ | - | $ | - | $ | 30,841 | ||||||||
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U.S. treasury securities
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16,999 | - | - | 16,999 | ||||||||||||
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Foreign exchange options
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- | 481 | - | 481 | ||||||||||||
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Total
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$ | 47,840 | $ | 481 | $ | - | $ | 48,321 | ||||||||
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Liabilities:
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||||||||||||||||
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Contingent warrant liabilities
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$ | - | $ | - | $ | 32,179 | $ | 32,179 | ||||||||
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Fair Value Measurements at December 31, 2011 Using
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|||||||||||||||
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Quoted Prices in
Active Markets for
Identical Assets
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Significant Other
Observable Inputs
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Significant Unobservable Inputs
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|||||||||||||
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(Level 1)
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(Level 2)
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(Level 3)
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Total
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|||||||||||||
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Assets:
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Money market funds
(1)
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$ | 27,222 | $ | - | $ | - | $ | 27,222 | ||||||||
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Foreign exchange options
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- | 1,202 | - | 1,202 | ||||||||||||
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Total
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$ | 27,222 | $ | 1,202 | $ | - | $ | 28,424 | ||||||||
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Liabilities:
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Contingent warrant liabilities
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$ | - | $ | - | $ | 379 | $ | 379 | ||||||||
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September 30,
2012
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December 31,
2011
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|||||||
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Expected volatility
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40 | % | 102.1% - 103.2 | % | ||||
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Risk-free interest rate
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0.3% - 0.7 | % | 0.4 | % | ||||
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Expected term
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2.2 - 4.4 years
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2.9 - 3.1 years
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Contingent warrant liabilities
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September 30,
2012
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Balance at December 31, 2011
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$ | 379 | ||
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Initial fair value of warrants issued in March 2012
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6,390 | |||
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Reclassification of contingent warrant liability to equity upon exercise of warrants
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(336 | ) | ||
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Net increase in fair value of contingent warrant liabilities upon revaluation
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25,746 | |||
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Balance at September 30, 2012
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$ | 32,179 | ||
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5.
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Licensing, Collaborative and Other Arrangements
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6.
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Streamlining and Restructuring Charges
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Employee Severance
and Other Benefits
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Facility Charges
(1)
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Asset Impairment
and Accelerated
Depreciation
(2)
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Total
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|||||||||||||
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Balance at December 31, 2011
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$ | - | $ | 162 | $ | - | $ | 162 | ||||||||
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Restructuring charges
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2,028 | 667 | 2,241 | 4,936 | ||||||||||||
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Cash payments
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(2,028 | ) | (742 | ) | - | (2,770 | ) | |||||||||
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Proceeds from sale of assets
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- | - | 450 | 450 | ||||||||||||
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Adjustments
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- | 3 | (2,691 | ) | (2,688 | ) | ||||||||||
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Balance at September 30, 2012
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$ | - | $ | 90 | $ | - | $ | 90 | ||||||||
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7.
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Long-Term Debt and Other Financings
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Three Months Ended September 30,
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Nine Months Ended September 30,
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|||||||||||||||
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2012
|
2011
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2012
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2011
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Interest expense
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Servier loan
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$ | 558 | $ | 564 | $ | 1,583 | $ | 1,544 | ||||||||
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GECC term loan
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475 | - | 1,298 | - | ||||||||||||
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Novartis note
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99 | 85 | 298 | 254 | ||||||||||||
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Other
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12 | 3 | 32 | 20 | ||||||||||||
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Total interest expense
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$ | 1,144 | $ | 652 | $ | 3,211 | $ | 1,818 | ||||||||
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8.
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Income Taxes
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9.
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Stock-based Compensation
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Three Months Ended September 30,
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Nine Months Ended September 30,
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|||||||||||||||
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2012
|
2011
|
2012
|
2011
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|||||||||||||
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Dividend yield
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0 | % | 0 | % | 0 | % | 0 | % | ||||||||
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Expected volatility
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92 | % | 89 | % | 92 | % | 87 | % | ||||||||
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Risk-free interest rate
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0.65 | % | 0.96 | % | 0.83 | % | 1.86 | % | ||||||||
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Expected term
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5.6 years
|
5.6 years
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5.6 years
|
5.3 years
|
||||||||||||
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Options
|
Weighted Average
Exercise Price Per
Share
|
Weighted Average
Remaining
Contractual Life
(in years)
|
Aggregate
Intrinsic Value
(in thousands)
|
|||||||||||||
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Options outstanding at December 31, 2011
|
5,053,435 | $ | 12.55 | 6.89 | $ | - | ||||||||||
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Granted
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2,161,920 | 2.57 | ||||||||||||||
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Exercised
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(77,797 | ) | 1.69 | |||||||||||||
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Forfeited, expired or cancelled
|
(484,144 | ) | 15.96 | |||||||||||||
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Options outstanding at September 30, 2012
|
6,653,414 | $ | 9.19 | 7.51 | $ | 4,520,629 | ||||||||||
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Options exercisable at September 30, 2012
|
4,003,868 | $ | 13.10 | 6.53 | $ | 2,106,931 | ||||||||||
|
Weighted-
|
||||||||
|
Number of
|
Average Grant-
|
|||||||
|
Shares
|
Date Fair Value
|
|||||||
|
Unvested balance at December 31, 2011
|
903,874 | $ | 1.69 | |||||
|
Granted
|
1,190,323 | 2.84 | ||||||
|
Vested
|
(194,629 | ) | 3.44 | |||||
|
Forfeited
|
(200,261 | ) | 1.69 | |||||
|
Unvested balance at September 30, 2012
|
1,699,307 | $ | 2.29 | |||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||
|
Research and development
|
$ | 1,304 | $ | 458 | $ | 1,984 | $ | 2,404 | ||||||||
|
Selling, general and administrative
|
818 | 1,084 | 1,384 | 3,194 | ||||||||||||
|
Total stock-based compensation expense
|
$ | 2,122 | $ | 1,542 | $ | 3,368 | $ | 5,598 | ||||||||
|
10.
|
Legal Proceedings, Commitments and Contingencies
|
|
11.
|
Subsequent Events
|
|
|
●
|
In June 2012, we initiated enrollment in a global Phase 3 study investigating the ability of gevokizumab to reduce the signs and symptoms, including vitreous haze, in patients with NIU involving the intermediate and/or posterior segment of the eye. The study is titled A randomis
E
d, double-masked, placebo-controlled stud
Y
of the safety and
E
fficacy of
G
evokiz
U
m
A
b in the t
R
eatment of subjects with active non-infectious interme
D
iate, posterior or pan-uveitis (
EYEGUARD™-A
). We intend to enroll patients with active non-infectious intermediate, posterior, or pan-uveitis with a vitreous haze score equal to or greater than 2+ on the Standardization of Uveitis Nomenclature / National Eye Institute scale in at least one eye. They will be randomized to receive either one of two monthly doses of gevokizumab or placebo. The study's primary endpoint is the proportion of patients demonstrating a significant reduction in vitreous haze score on Day 56.
|
|
|
●
|
In June 2012, we initiated a Phase 2 proof-of-concept study to evaluate the efficacy and safety of gevokizumab for the treatment of active inflammatory, EOA of the hand. Approximately 90 patients will be randomized to receive gevokizumab or placebo. The study is designed and powered to detect a significant improvement from baseline versus placebo in the mean Australian/Canadian Hand Osteoarthritis Index pain score in the target hand at three months.
|
|
|
●
|
In August 2012, we and Servier entered into an agreement with Boehringer Ingelheim to transfer our technology and process for the commercial manufacture of gevokizumab. Upon completion of the transfer and the establishment of biological comparability, we expect Boehringer Ingelheim to produce gevokizumab at its facility in Biberach, Germany, for our commercial use and use in Phase 3 clinical trials. We and Servier retain all rights to the development and commercialization of gevokizumab.
|
|
|
●
|
In August 2012, we obtained FDA orphan drug status for gevokizumab in the treatment of non-infectious intermediate, posterior, or pan-uveitis, or chronic non-infectious anterior uveitis.
|
|
|
●
|
In September 2012, we announced that Servier has received authorization to initiate the Servier-sponsored Behçet's uveitis Phase 3 clinical trial in several European countries. The study is titled A randomis
E
d, double-masked, placebo-controlled stud
Y
of the
E
fficacy of
G
evokiz
U
m
A
b in the t
R
eatment of patients with Behçet's
D
isease uveitis (
EYEGUARD™-B
). The objective of this study is to evaluate the efficacy of gevokizumab as compared to placebo on top of current standard of care (immunosuppressive therapy and oral corticosteroids) in reducing the risk of Behçet's disease uveitis exacerbations and to assess the safety of gevokizumab.
|
|
|
●
|
On January 17, 2012, we announced that we had acquired certain U.S. rights to a portfolio of antihypertensive products from Servier. The portfolio includes ACEON, a currently marketed ACE inhibitor, and three FDC product candidates where a proprietary form of perindopril (perindopril arginine) is combined with other active ingredient(s). We assumed commercialization activities for ACEON in January 2012 following the license transfer from Servier’s previous licensee and began shipping XOMA-labeled ACEON to pharmaceutical wholesalers in the second quarter of 2012.
|
|
|
●
|
In February 2012, we initiated enrollment in a Phase 3 trial for FDC1. We expect the trial to enroll approximately 816 patients with hypertension to determine the safety and efficacy of FDC1 versus either perindopril or amlodipine alone. Based on regulatory interaction to date, if the trial generates positive results, we expect it to be the only efficacy trial needed to complement the existing body of clinical data to support the submission of a New Drug Application to the FDA seeking marketing approval for FDC1. Partial funding for the PATH trial was provided by Servier; the balance of study expenses, consisting primarily of costs generated by our contract research organization, we expect to pay over time from the profits generated by our ACEON sales.
|
|
|
·
|
On January 5, 2012, we implemented a streamlining of operations, which resulted in a restructuring designed to sharpen our focus on value-creating opportunities led by gevokizumab and our unique antibody discovery and development capabilities. The restructuring plan included a reduction of our personnel by 84 positions, or 34%, of which 52 were eliminated immediately and the remainder eliminated as of April 6, 2012. These staff reductions resulted primarily from our decisions to utilize a contract manufacturing organization for Phase 3 and commercial antibody production and to eliminate internal research functions that are non-differentiating or that can be obtained cost effectively by contract service providers. As a result, we expect to reduce ongoing internal spending by approximately $14 million in 2012 compared to the 2011 level. In connection with the streamlining of operations, we incurred restructuring charges in the first nine months of 2012 of $2.0 million related to severance, other termination benefits and outplacement services, $2.2 million related to the impairment and accelerated depreciation of various assets and leasehold improvements, and $0.7 million related to moving and other facility charges.
|
|
|
●
|
On January 4, 2012, the Company’s Board of Directors appointed John Varian, a current Board member and the then interim Chief Executive Officer, as Chief Executive Officer. W. Denman Van Ness continues to serve as Chairman of the Board.
|
|
|
●
|
Effective August 31, 2012, the Company’s Board of Directors accepted the retirement of Christopher J. Margolin as Vice President, General Counsel and Secretary. Mr. Margolin's retirement comes as a result of our determination to restructure our legal services function and outsource much of that function to outside legal counsel, in lieu of an internal general counsel. Going forward, our legal function will be managed by Fred Kurland, our Vice President, Finance and Chief Financial Officer and Secretary, with the assistance of outside legal counsel.
|
|
|
●
|
In the first quarter of 2012, we sold 2,285,375 shares of common stock through McNicoll, Lewis & Vlak LLC (now known as MLV & Co. LLC, “MLV”), under our At Market Issuance Sales Agreement dated February 4, 2011 (the “2011 ATM Agreement”), for aggregate gross proceeds of $3.3 million.
|
|
|
●
|
In March 2012, we completed an underwritten public offering of 29,669,154 shares of our common stock, and accompanying warrants to purchase a total of 14,834,577 shares of our common stock, for gross proceeds of $39.2 million.
|
|
|
●
|
In September 2012, we entered into an amendment to our existing loan agreement with General Electric Capital Corporation (“GECC”) providing for an additional term loan of $4.6 million, increasing the aggregate loan obligation to $12.5 million. The loan obligation accrues interest at a fixed rate of 10.9% and the loan amendment provides for a six month interest-only repayment period. The loan obligation will be repaid over a 27-month period commencing on April 1, 2013. The loan obligation matures on June 15, 2015, at which time the remaining principal amount of $3.1 million, plus accrued interest and a final payment fee equal to 7% of the loan obligation will be due.
|
|
|
●
|
In connection with the September 2012 loan amendment, we issued to GECC unregistered stock purchase warrants, which entitle GECC to purchase up to an aggregate of 39,346 unregistered shares of XOMA common stock at an exercise price of $3.54 per share. These warrants are immediately exercisable and have a five year term.
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||
|
2012
|
2011
|
Increase (Decrease)
|
2012
|
2011
|
Increase (Decrease)
|
|||||||||||||||||||
|
License and collaborative fees
|
$ | 1,127 | $ | 4,859 | $ | (3,732 | ) | $ | 4,665 | $ | 16,725 | $ | (12,060 | ) | ||||||||||
|
Contract and other
|
5,905 | 11,370 | (5,465 | ) | 20,930 | 31,624 | (10,694 | ) | ||||||||||||||||
|
Product sales
|
219 | - | 219 | 795 | - | 795 | ||||||||||||||||||
|
Total revenues
|
$ | 7,251 | $ | 16,229 | $ | (8,978 | ) | $ | 26,390 | $ | 48,349 | $ | (21,959 | ) | ||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||
|
2012
|
2011
|
Increase (Decrease)
|
2012
|
2011
|
Increase (Decrease)
|
|||||||||||||||||||
|
Servier
|
$ | 3,461 | $ | 5,916 | $ | (2,455 | ) | $ | 10,715 | $ | 12,590 | $ | (1,875 | ) | ||||||||||
|
NIAID
|
2,074 | 5,069 | (2,995 | ) | 9,106 | 17,321 | (8,215 | ) | ||||||||||||||||
|
Other
|
370 | 385 | (15 | ) | 1,109 | 1,713 | (604 | ) | ||||||||||||||||
|
Total contract and other
|
$ | 5,905 | $ | 11,370 | $ | (5,465 | ) | $ | 20,930 | $ | 31,624 | $ | (10,694 | ) | ||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||
|
2012
|
2011
|
Increase (Decrease)
|
2012
|
2011
|
Increase (Decrease)
|
|||||||||||||||||||
|
Net product sales
(1)
|
219 | - | 219 | 795 | - | 795 | ||||||||||||||||||
|
Cost of sales
(2)
|
28 | - | 28 | 110 | - | 110 | ||||||||||||||||||
|
Product gross margin
|
87 | % | 86 | % | ||||||||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||
|
Earlier stage programs
(1)
|
$ | 8,941 | $ | 7,957 | $ | 27,010 | $ | 30,291 | ||||||||
|
Later stage programs
(1)
|
9,441 | 7,894 | 25,583 | 21,188 | ||||||||||||
|
Total
|
$ | 18,381 | $ | 15,851 | $ | 52,592 | $ | 51,479 | ||||||||
|
|
(1)
|
Certain research and development segment reclassifications have been made to previously reported amounts to conform to the current year's presentation.
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||
|
Internal projects
(1)
|
$ | 8,413 | $ | 5,599 | $ | 23,810 | $ | 20,278 | ||||||||
|
Collaborative and contract arrangements
(1)
|
9,968 | 10,252 | 28,782 | 31,201 | ||||||||||||
|
Total
|
$ | 18,381 | $ | 15,851 | $ | 52,592 | $ | 51,479 | ||||||||
|
|
(1)
|
Certain research and development segment reclassifications have been made to previously reported amounts to conform to the current year's presentation.
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||
|
2012
|
2011
|
Increase (Decrease)
|
2012
|
2011
|
Increase (Decrease)
|
|||||||||||||||||||
|
Interest expense
|
|
|
|
|
|
|
||||||||||||||||||
|
Servier loan
|
$ | 558 | $ | 564 | $ | (6 | ) | $ | 1,583 | $ | 1,544 | $ | 39 | |||||||||||
|
GECC term loan
|
475 | - | 475 | 1,298 | - | 1,298 | ||||||||||||||||||
|
Novartis note
|
99 | 85 | 14 | 298 | 254 | 44 | ||||||||||||||||||
|
Other
|
12 | 3 | 9 | 32 | 20 | 12 | ||||||||||||||||||
|
Total interest expense
|
$ | 1,144 | $ | 652 | $ | 492 | $ | 3,211 | $ | 1,818 | $ | 1,393 | ||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||
|
2012
|
2011
|
Increase (Decrease)
|
2012
|
2011
|
Increase (Decrease)
|
|||||||||||||||||||
|
Other expense
|
|
|
|
|
|
|
||||||||||||||||||
|
Unrealized foreign exchange gain (loss)
(1)
|
$ | (318 | ) | $ | 760 | $ | (1,078 | ) | $ | 96 | $ | (1,114 | ) | $ | 1,210 | |||||||||
|
Realized foreign exchange (loss) gain
(2)
|
(1 | ) | (1 | ) | - | 8 | 555 | (547 | ) | |||||||||||||||
|
Unrealized (loss) gain on foreign exchange options
|
(110 | ) | (285 | ) | 175 | (721 | ) | (128 | ) | (593 | ) | |||||||||||||
|
Other
|
9 | 54 | (45 | ) | 75 | 72 | 3 | |||||||||||||||||
|
Total other expense
|
$ | (420 | ) | $ | 528 | $ | (948 | ) | $ | (542 | ) | $ | (615 | ) | $ | 73 | ||||||||
|
(1)
|
Unrealized foreign exchange gain (loss) for the three and nine months ended September 30, 2012 and 2011 primarily relates to
the re-measurement of the €15 million Servier loan.
|
|
(2)
|
Realized foreign exchange gain for the nine months ended September 30, 2011 primarily relates to the conversion into
U.S. dollars of the €15 million cash proceeds received from Servier in January of 2011.
|
|
Contingent warrant liabilities
|
September 30,
2012
|
|||
|
Balance at December 31, 2011
|
$ | 379 | ||
|
Initial fair value of warrants issued in March 2012
|
6,390 | |||
|
Reclassification of contingent warrant liability to equity upon exercise of warrants
|
(336 | ) | ||
|
Net increase in fair value of contingent warrant liabilities upon revaluation
|
25,746 | |||
|
Balance at September 30, 2012
|
$ | 32,179 | ||
|
September 30, 2012
|
December 31, 2011
|
Change
|
||||||||||
|
Cash and cash equivalents
|
$ | 42,199 | $ | 48,344 | $ | (6,145 | ) | |||||
|
Working Capital
|
$ | 46,930 | $ | 42,064 | $ | 4,866 | ||||||
|
Nine Months Ended September 30,
|
||||||||||||
| 2012 | 2011 |
Change
|
||||||||||
|
Net cash used in operating activities
|
$ | (29,432 | ) | $ | (20,975 | ) | $ | (8,457 | ) | |||
|
Net cash used in investing activities
|
(18,633 | ) | (2,586 | ) | (16,047 | ) | ||||||
|
Net cash provided by financing activities
|
41,920 | 32,537 | 9,383 | |||||||||
|
Effect of exchange rate changes on cash
|
- | (573 | ) | 573 | ||||||||
|
Net increase in cash and cash equivalents
|
$ | (6,145 | ) | $ | 8,403 | $ | (14,548 | ) | ||||
|
ITEM 4.
|
|
ITEM 1.
|
|
ITEM 1A.
|
|
|
●
|
terminate or delay clinical trials for one or more of our product candidates;
|
|
|
●
|
further reduce our headcount and capital or operating expenditures; or
|
|
|
●
|
curtail our spending on protecting our intellectual property.
|
|
●
|
additional agreements for product development funding can be reached; |
|
●
|
strategic alliances can be negotiated; or |
|
●
|
adequate additional financing will be available for us to finance our own development on acceptable terms, or at all. |
|
●
|
In December 2010, we entered into a license and collaboration agreement with Servier, to jointly develop and commercialize gevokizumab in multiple indications. Under the terms of the agreement, Servier has worldwide rights to diabetes and cardiovascular disease indications and rights outside the United States and Japan to all other indications, including Behçet’s uveitis and other inflammatory and oncology indications. In late 2011, we announced that Servier agreed to include the NIU Phase 3 trials under the terms of the collaboration agreement for Behçet’s uveitis. We retain development and commercialization rights for NIU and other inflammatory disease and oncology indications in the United States and Japan and have an option to reacquire rights to diabetes and cardiovascular disease indications from Servier in these territories. Should we exercise this option, we will be required to pay Servier an option fee and partially reimburse a specified portion of Servier’s incurred development expenses. The agreement contains mutual customary termination rights relating to matters such as material breach by either party. Servier may terminate for safety issues and we may terminate the agreement, with respect to a particular country or the European Patent Organization (“EPO”) member states, for any challenge to our patent rights in that country or any EPO member state, respectively, by Servier. Servier also has a unilateral right to terminate the agreement for the European Union (“EU”) or for non-EU countries, on a country-by-country basis, or in its entirety, in each case with six months’ notice.
|
|
●
|
In December 2010, we also entered into a loan agreement with Servier, which provides for an advance of up to €15.0 million and was fully funded in January 2011 with the proceeds converting to approximately $19.5 million at the January 13, 2011, Euro to U.S. dollar exchange rate. This loan is secured by an interest in our intellectual property rights to all gevokizumab indications worldwide, excluding the United States and Japan. The loan has a final maturity date in 2016; however, after a specified period prior to final maturity, the loan is required to be repaid (1) at Servier’s option, by applying up to a significant percentage of any milestone or royalty payments owed by Servier under our collaboration agreement and (2) using a significant percentage of any upfront, milestone or royalty payments we receive from any third-party collaboration or development partner for rights to gevokizumab in the United States and/or Japan. In addition, the loan becomes immediately due and payable upon certain customary events of default. At September 30, 2012, the €15.0 million outstanding principal balance under this loan agreement would have equaled approximately $19.3 million using the September 30, 2012 Euro to U.S. dollar exchange rate.
|
|
●
|
Effective in January 2012, we entered into an amended and restated agreement with Servier for the United States commercialization rights to ACEON and, upon exercise by us of an option with respect to each product, a portfolio of additional FDC product candidates where perindopril is combined with another active ingredient(s), such as a calcium channel blocker. To date we have exercised this option with respect to one FDC product. This agreement, together with a related trademark license agreement, provides us with exclusive U.S. rights to ACEON and FDC1, and options on additional FDCs. The arrangement also provides that Servier will supply to us, and we will purchase exclusively from Servier, the active ingredients in ACEON and the FDCs, in some cases for a limited period. The agreement contains customary termination rights relating to matters such as material breach by, or insolvency of, either party or, as to particular licensed products, for safety issues arising with respect to such products. Each party also has the right to terminate the arrangement if FDC1 does not receive FDA approval by December 31, 2014. Servier also has the right to terminate the arrangement if certain aspects of our commercialization strategy are not successful and Servier does not consent to an alternative strategy or, as to the FDCs, if we breach our obligations to certain of our service providers. Further, Servier may also terminate the agreement if we fail to achieve certain levels of sales of products, and do not make a specified payment in such circumstances to maintain our license, or under certain circumstances upon our change in control, if we fail to take certain actions or make certain payments.
|
|
|
●
|
our future filings will be delayed;
|
|
|
●
|
our preclinical and clinical studies will be successful;
|
|
|
●
|
we will be successful in generating viable product candidates to targets;
|
|
|
●
|
we will be able to provide necessary additional data;
|
|
|
●
|
results of future clinical trials will justify further development; or
|
|
|
●
|
we will ultimately achieve regulatory approval for any of these product candidates.
|
|
|
●
|
clinical development and testing;
|
|
|
●
|
manufacturing;
|
|
|
●
|
labeling;
|
|
|
●
|
storage;
|
|
|
●
|
record keeping;
|
|
|
●
|
promotion and marketing; and
|
|
|
●
|
importing and exporting.
|
|
|
●
|
results of preclinical studies and clinical trials;
|
|
|
●
|
information relating to the safety or efficacy of products or product candidates;
|
|
|
●
|
developments regarding regulatory filings;
|
|
|
●
|
announcements of new collaborations;
|
|
|
●
|
failure to enter into collaborations;
|
|
|
●
|
developments in existing collaborations;
|
|
|
●
|
our funding requirements and the terms of our financing arrangements;
|
|
|
●
|
technological innovations or new indications for our therapeutic products and product candidates;
|
|
|
●
|
introduction of new products or technologies by us or our competitors;
|
|
|
●
|
sales and estimated or forecasted sales of products for which we receive royalties, if any;
|
|
|
●
|
government regulations;
|
|
|
●
|
developments in patent or other proprietary rights;
|
|
|
●
|
the number of shares issued and outstanding;
|
|
|
●
|
the number of shares trading on an average trading day;
|
|
|
·
|
announcements regarding other participants in the biotechnology and pharmaceutical industries; and
|
|
|
●
|
market speculation regarding any of the foregoing.
|
|
●
|
In March 2004, we announced we had agreed to collaborate with Chiron Corporation (now Novartis) for the development and commercialization of antibody products for the treatment of cancer. In April 2005, we announced the initiation of clinical testing of the first product candidate out of the collaboration, HCD122, an anti-CD40 antibody, in patients with advanced chronic lymphocytic leukemia. In October 2005, we announced the initiation of the second clinical trial of HCD122 in patients with multiple myeloma. In November 2008, we announced the restructuring of this product development collaboration, which involved six development programs including the ongoing HCD122 and LFA102 programs. In exchange for cash and debt reduction on our existing loan facility with Novartis, Novartis has control over the HCD122 and LFA102 programs, as well as the right to expand the development of these programs into additional indications outside of oncology.
|
|
●
|
In March 2005, we entered into a contract with the National Institute of Allergy and Infectious Diseases (“NIAID”) to produce three monoclonal antibodies designed to protect U.S. citizens against the harmful effects of botulinum neurotoxin used in bioterrorism. In July 2006, we entered into an additional contract with NIAID for the development of an appropriate formulation for human administration of these three antibodies in a single injection. In September 2008, we announced that we were awarded an additional contract with NIAID to support our on-going development of drug candidates toward clinical trials in the treatment of botulism poisoning. In October 2011, we announced we had been awarded an additional contract with NIAID to develop broad-spectrum antitoxins for the treatment of human botulism poisoning.
|
|
●
|
In December 2011, we entered into a loan agreement with GECC, under which GECC agreed to make a term loan in an aggregate principal amount of $10 million to XOMA (US) LLC, our wholly owned subsidiary, and upon execution of the loan agreement, GECC funded the term loan. The term loan is guaranteed by us and our two other principal subsidiaries, XOMA Ireland Limited and XOMA Technology Ltd. As security for our obligations under the loan agreement, we, XOMA (US) LLC, XOMA Ireland Limited and XOMA Technology Ltd. each granted a security interest pursuant to a guaranty, pledge and security agreement in substantially all of our existing and after-acquired assets, excluding our intellectual property assets (such as those relating to our gevokizumab and anti-botulism products). We were required to repay the principal amount of the Term Loan over a period of 42 installments of principal and accrued interest, but amended the loan agreement on September 27, 2012, as described below. The loan agreement contains customary representations and warranties and customary affirmative and negative covenants, including restrictions on the ability to incur indebtedness, grant liens, make investments, dispose of assets, enter into transactions with affiliates and amend existing material agreements, in each case subject to various exceptions. In addition, the loan agreement contains customary events of default that entitle GECC to cause any or all of the indebtedness under the loan agreement to become immediately due and payable. The events of default include any event of default under a material agreement or certain other indebtedness. We may voluntarily prepay the term loan in full, but not in part, and any voluntary and certain mandatory prepayments are subject to a prepayment premium of 3% in the first year of the loan, 2% in the second year and 1% thereafter, with certain exceptions. We will also be required to pay the final payment fee in connection with any voluntary or mandatory prepayment. Pursuant to the loan agreement, we issued to GECC unregistered stock purchase warrants, which entitle GECC to purchase up to an aggregate of 263,158 unregistered shares of XOMA common stock at an exercise price equal to $1.14 per share, are immediately exercisable and expire on December 30, 2016.
|
|
●
|
On September 27, 2012, we entered into an amendment to the loan agreement providing for an additional term loan in the amount of $4.6 million, and an interest-only monthly repayment period with respect to the aggregate loan obligation of $12.5 million outstanding following the effective date of the amendment through March 1, 2013, at a stated interest rate of 10.9% per annum. Thereafter, we are obligated to make monthly principal payments of $0.3 million, plus accrued interest, at a stated interest rate of 10.9% per annum, over a 27-month period commencing on April 1, 2013 and through June 15, 2015, at which time the remaining outstanding principal amount of $3.1 million, plus accrued interest, shall be due. A final payment fee in the amount of $0.9 million is payable on the date upon which the outstanding principal amount is required to be repaid in full. Any mandatory or voluntary prepayment of the $12.5 million will accelerate the due date of the final payment fee, and trigger a prepayment penalty equal to 3% of the outstanding principal amount being prepaid if prepaid on or before September 27, 2013, 2% if prepaid on or before September 27, 2014, and 1% if prepaid after September 27, 2014, but prior to the maturity date. In connection with the amendment, on September 27, 2012 we issued GE a warrant to purchase up to 39,346 shares of our common stock, which warrant is exercisable immediately, has a five year term and has an exercise price of $3.54 per share.
|
|
●
|
We have licensed our bacterial cell expression technology, an enabling technology used to discover and screen, as well as develop and manufacture, recombinant antibodies and other proteins for commercial purposes, to over 60 companies. As of November 5, 2012, we were aware of two antibody products manufactured using this technology that have received FDA approval, Genentech’s LUCENTIS (ranibizumab injection) for treatment of neovascular wet age-related macular degeneration and UCB’s CIMZIA (certolizumab pegol) for treatment of Crohn’s disease and rheumatoid arthritis. In the third quarter of 2009, we sold our LUCENTIS royalty interest to Genentech. In the third quarter of 2010, we sold our CIMZIA royalty interest.
|
|
●
|
On July 24, 2012, we and Servier entered into an agreement with Boehringer Ingelheim to transfer XOMA's technology and processes for the manufacture of gevokizumab to Boehringer lngelheim, for Boehringer Ingelheim's implementation and validation in preparation for the commercial manufacture of gevokizumab. Upon the successful completion of the transfer and the establishment of biological comparability, including validation of the XOMA processes as implemented by Boehringer Ingelheim, it is our intention that Boehringer Ingelheim will produce gevokizumab for XOMA's commercial use at its facility in Biberach, Germany. We and Servier retain all rights to the development and commercialization of gevokizumab. Transfer of our technology to Boehringer Ingelheim exposes us to numerous risks, including the possibility that Boehringer Ingelheim may not perform under the agreement as anticipated, and that we will need to successfully conduct a comparability trial demonstrating to the FDA’s satisfaction the similarity between XOMA manufactured and Boehringer Ingelheim manufactured product. |
|
|
●
|
significantly greater financial resources;
|
|
|
●
|
larger research and development and marketing staffs;
|
|
|
●
|
larger production facilities;
|
|
|
●
|
entered into arrangements with, or acquired, biotechnology companies to enhance their capabilities; or
|
|
|
●
|
extensive experience in preclinical testing and human clinical trials.
|
|
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Novartis markets and is developing Ilaris (canakinumab, ACZ885), a fully human monoclonal antibody that selectively binds to and neutralizes IL-1 beta. Since 2009, canakinumab has been approved in over 50 countries for the treatment of children and adults suffering from Cryopyrin-Associated Periodic Syndrome (“CAPS”). Novartis has filed for regulatory approval of canakinumab in the United States and Europe for the treatment of acute attacks in gouty arthritis. In August 2011, Novartis announced that the FDA had issued a Complete Response Letter requesting additional information, including clinical data to evaluate the benefit risk profile of canakinumab in refractory gouty arthritis patients. In September 2011, Novartis announced positive results of a pivotal Phase 3 trial of canakinumab in patients with systemic juvenile idiopathic arthritis and that it plans to seek regulatory approval for this indication in 2012. Novartis is also pursuing other diseases in which IL-1 beta may play a prominent role, such as systemic secondary prevention of cardiovascular events.
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Eli Lilly and Company (“Lilly”) is developing a monoclonal antibody to IL-1 beta in Phase 1 development for the treatment of cardiovascular disease. In June 2011, Lilly reported results from a Phase 2 study of LY2189102 in 106 patients with Type 2 diabetes, showing a significant (p<0.05), early reduction in C reactive protein, moderate reduction in HbA1c and anti-inflammatory effects. We do not know whether LY2189102 remains in development.
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In 2008, Swedish Orphan Biovitrum obtained from Amgen the global exclusive rights to Kineret® (anakinra) for rheumatoid arthritis as currently indicated in its label. In November 2009, the agreement regarding Swedish Orphan Biovitrum’s Kineret license was expanded to include certain orphan indications. Kineret is an IL-1 receptor antagonist (IL-1ra) which has been evaluated in multiple IL-1 mediated diseases, including indications we are considering for gevokizumab. In addition to other on-going studies, a proof-of-concept clinical trial in the United Kingdom investigating Kineret in patients with a certain type of myocardial infarction, or heart attack, has been completed. In August 2010, Biovitrum announced the FDA had granted orphan drug designation to Kineret for the treatment of CAPS.
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In February 2008, Regeneron Pharmaceuticals, Inc. (“Regeneron”) announced it had received marketing approval from the FDA for ARCALYST® (rilonacept) Injection for Subcutaneous Use, an interleukin-1 blocker or IL-1 Trap, for the treatment of CAPS, including Familial Cold Auto-inflammatory Syndrome and Muckle-Wells Syndrome in adults and children 12 and older. In September 2009, Regeneron announced rilonacept was approved in the European Union for CAPS. In June 2010 and February 2011, Regeneron announced positive results of two Phase 3 clinical trials of rilonacept in gout. In November 2011, Regeneron announced the FDA had accepted for review Regeneron’s supplemental BLA for ARCALYST for the prevention and treatment of gout. A meeting of an FDA advisory panel to review this supplemental BLA was held in May 2012 with a recommendation against approval of the new use in gout. In July 2012, the FDA issued a complete response letter that states the FDA cannot approve the application in its current form and has requested additional clinical data, as well as additional CMC information related to a proposed new dosage form. Regeneron is reviewing the complete response letter from the FDA and will determine appropriate next steps.
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Amgen has been developing AMG 108, a fully human monoclonal antibody that targets inhibition of the action of IL-1. In April 2008, Amgen discussed results from a Phase 2 study in rheumatoid arthritis. AMG 108 showed statistically significant improvement in the signs and symptoms of rheumatoid arthritis and was well tolerated. In January 2011, MedImmune, the worldwide biologics unit for AstraZeneca PLC, announced Amgen granted it rights to develop AMG 108 worldwide except in Japan.
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In June 2009, Cytos Biotechnology AG announced the initiation of an ascending dose Phase 1/2a study of CYT013-IL1bQb, a therapeutic vaccine targeting IL-1 beta, in Type 2 diabetes. In 2010, this study was extended to include two additional groups of patients.
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We are aware that the following companies have completed or are conducting or planning Phase 3 clinical trials of the following products for the treatment of intermediate, posterior or pan-noninfectious uveitis: Abbott - HUMIRA® (adalimumab); Lux Biosciences, Inc. – LUVENIQ® (voclosporin); Novartis - Myfortic® (mycophenalate sodium) and Santen Pharmaceutical Co., Ltd. – Sirolimus® (rapamycin).
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The number one product (based on annual sales) in the United States within the ACE inhibitor category is lisinopril, formerly marketed by Astra-Zeneca Pharmaceuticals LP under the brand ZESTRIL® and by Merck & Co. under the brand Prinivil
®
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There are multiple options in the fixed-dose combination market combining ACE inhibitors with diuretics, and two options combining an ACE inhibitor with a calcium channel blocker. Current options with a calcium channel blocker are benazepril/amlodipine, formerly marketed by Novartis Pharmaceuticals as Lotrel® , and trandolapril/verapamil, formerly marketed by Abbot Laboratories as Tarka
®
.
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Cangene Corporation has a contract with the U.S. Department of Health & Human Services, expected to be for $423.0 million, to manufacture and supply an equine heptavalent botulism anti-toxin; and
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Emergent BioSolutions, Inc. is currently in development of a botulism immunoglobulin candidate that may compete with our anti-botulinum neurotoxin monoclonal antibodies.
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imposition of government controls;
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export license requirements;
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political or economic instability;
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trade restrictions;
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changes in tariffs;
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restrictions on repatriating profits;
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exchange rate fluctuations;
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withholding and other taxation; and
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difficulties in staffing and managing international operations.
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prevent our competitors from duplicating our products;
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prevent our competitors from gaining access to our proprietary information and technology; or
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permit us to gain or maintain a competitive advantage.
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·
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whether any pending or future patent applications held by us will result in an issued patent, or that if patents are issued to us, that such patents will provide meaningful protection against competitors or competitive technologies;
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whether competitors will be able to design around our patents or develop and obtain patent protection for technologies, designs or methods that are more effective than those covered by our patents and patent applications; or
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the extent to which our product candidates could infringe on the intellectual property rights of others, which may lead to costly litigation, result in the payment of substantial damages or royalties, and/or prevent us from using technology that is essential to our business.
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require certain procedures to be followed and time periods to be met for any stockholder to propose matters to be considered at annual meetings of stockholders, including nominating directors for election at those meetings; and
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authorize our Board of Directors to issue up to 1,000,000 shares of preferred stock without stockholder approval and to set the rights, preferences and other designations, including voting rights, of those shares as the Board of Directors may determine.
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ITEM 5.
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ITEM 6.
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XOMA Corporation
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Date: November 7, 2012
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By:
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/s/ JOHN VARIAN
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John Varian
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Chief Executive Officer (principal executive officer) and Director
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||
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Date: November 7, 2012
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By:
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/s/ FRED KURLAND
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Fred Kurland
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Vice President, Finance, Chief Financial Officer and Secretary
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(principal financial and principal accounting officer)
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Exhibit
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||
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Number
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Description
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Certificate of Incorporation of XOMA Corporation
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||
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3.3
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By-laws of XOMA Corporation
(1)
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4.10
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Warrant issued to General Electric Capital Corporation, dated September 27, 2012.
(2)
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10.46
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First Amendment to Loan Agreement, by and between General Electric Capital Corporation, the Company as guarantor, XOMA (US) LLC as borrower, and certain other wholly-owned subsidiaries of the Company, dated September 27, 2012.
(3)
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Certification of the Principal Executive Officer of XOMA Corporation pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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||
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Certification of the Principal Financial Officer of XOMA Corporation pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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||
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Certifications of the Principal Executive Officer and Principal Financial Officer of XOMA Corporation pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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||
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Press Release dated November 7, 2012, furnished herewith
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||
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101.INS*
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XBRL Instance Document
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101.SCH*
|
XBRL Schema Document
|
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101.CAL*
|
XBRL Calculation Linkbase Document
|
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101.DEF*
|
XBRL Definition Linkbase Document
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101.LAB*
|
XBRL Label Linkbase Document
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101.PRE*
|
XBRL Presentation Linkbase Document
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|