Tuesday, July 7, 2009

Murano's accusations are patently false

More from the Chancellor's extended notes (pdf)
Last time committee on IP met - she pulled out papers on XOMA & berated Guy for making deal w/co. hurting the "A&M Brand" that she was dedicated to protecting - She misread info - & did not really know how to read the data - I don't know who gave her the info [concern is valid but approach & behavior totally inappropriate]
What deal? This one from Sept. 2008:
“We are very pleased to be working with XOMA, a biotechnology company with more than 25 years of experience as a successful innovator in antibody development and manufacturing,” said Brett Giroir, M.D., vice chancellor for research for the Texas A&M System. “We expect that the project will generate new opportunities for rapid translation of biomedical discoveries into life-saving products. The collaboration also holds the promise to develop manufacturing technologies that position the state of Texas as the partner of choice for biotechnology companies in the future.”
Dr. Brett P. "eHarmony" Giroir, in case you didn't know, is the System's Vice Chancellor for Research, and a leading biodefense researcher (Try a PubMed search on 'giroir bp AND biodefense'). Dr. Giroir knows Xoma well - they hold the rights on five of his patents.

Xoma was the subject of a 2007 profile in the New York Times:
Xoma, which Dr. Scannon started in 1981, has never earned an operating profit or marketed a drug of its own. And in the quarter-century since its birth, Xoma has managed to burn through more than $700 million raised from investors and other pharmaceutical companies.
XOMA, which went public 20 years ago, is a case study of unfulfilled promise in the biotech business. It may also be a story that ends happily, if very belatedly, with success. The company’s management and some investors, including OrbiMed, say they are convinced that what they describe as Xoma’s dogged determination is finally making headway, or at least that its stock has room to grow.

The company’s stock has nearly doubled over the last year, hitting a 52-week high on Friday of $3.30, before closing at $3.04. Still, that is well below the stock’s record high of $32 a share, reached in both 1987 and 1991.
There's even more room to grow now; Xoma closed at $0.78/share today (down from $2.27 on the day the deal was announced).

No comments:

Post a Comment