Xoma is one of the country's oldest biotech companies yet has little to show for it except a mountain of losses and years of dismal shareholder returns. Xoma's chosen field of expertise -- the manufacture of humanized monoclonal antibodies -- has helped other companies like Genentech develop successful products. Yet Xoma, working alone, has never been able to develop a drug. The company's R&D graveyard is a crowded place.
Engle doesn't deserve all the blame for Xoma's long history of futility, but he joined the company in 2007, promising change. He exits 2010 delivering little or nothing. Under Engle, Xoma's drug research still shows no sign of life. Promises he made to partner an early-stage diabetes drug candidate went nowhere, and balance sheet and debt issues diverted way too much time and corporate resources. Investors long ago gave up on Xoma. As a result, the stock has slid deeper into the tank, and not even a 1-for-15 reverse stock split needed to maintain a Nasdaq listing has helped turn things around. Xoma shares are down 78% this year.
Yo, Philly Boy, sorry about the Birds today, my kids came home from the game early....We'll get them in the post season. Anyway, where have you been? Your post, "Under Engle, Xoma's drug research still shows no sign of life" is way outdated. You need to use words like "groovy man" so that we understand the timeframe in which you refer. It's 2011 now, and Xoma has reinvented itself, and the next few months will (with a little luck) demonstrate an exciting technology that will eventually change the standard of treatment for many diseases.