Schering-Plough has exercised its right to initiate additional discovery and development programs under its collaboration with XOMA, Ltd. for therapeutic antibody products. XOMA received up-front payments for each additional program and will receive research funding for each project as well as success based milestones and royalties on any product sales 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, chairman of the board, president, and chief executive officer of XOMA. "We look forward to advancing the new programs in a similar high quality and expedited manner.''
Under the initial collaboration, XOMA was responsible for discovering therapeutic antibodies against multiple targets selected by Schering-Plough. Other XOMA activities may include preclinical studies to support regulatory filings, cell line and process development, and production of antibodies for initial clinical trials.