logo
Share SHARE
FONT-SIZE Plus   Neg

XOMA Plans To Cut 84 Jobs - Quick Facts

XOMA Corp. (XOMA) announced that it plans to reduce personnel by 84 positions, or 34%, including 50 positions to be eliminated immediately and the remainder by the end of the first quarter of this year.

XOMA said that the staff reductions result primarily from its decisions to utilize a contract manufacturing organization for Phase 3 and commercial production and to eliminate internal research functions that are non-differentiating or that can be obtained cost-effectively by contract service providers.

The company said that it anticipates taking one-time charges for restructuring and related severance costs totaling approximately $6.0 million during 2012, of which $3.9 million will result in cash charges. In the first quarter of 2012, the Company expects to take a charge of approximately $3.6 million.

As a result of the changes, XOMA expects to reduce ongoing net internal spending by approximately $14 million in 2012 compared to the 2011 level. This reduction in fixed costs allows investment of a similar amount into gevokizumab's clinical development during 2012.

The company also said that it will not be providing specific guidance on overall revenues or cash receipts for 2012 so as to best manage its ongoing business development discussions and other activities. The Company currently anticipates cash used in ongoing operating activities in 2012 to be approximately $35 million.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
They say there's plenty of fish in the sea, but very few of them are as wealthy as these tycoons. May be they have been so busy building their empires they never had the time to stick with a perfect partner to build their family. This list of the richest singles is assorted — from a 34 year-old... Anthony Levandowski, the head of Uber's self-driving division, is stepping away from his role as Uber continues a legal battle with Waymo, Levandowski's former employer. Levandowski, who founded startup Otto, became head of Uber's Advanced Technologies Group or ATG after Otto was acquired by Uber in August 2016. Southwest Airlines Co. has decided to end the practice of overbooking flights, the airline's CEO Gary Kelly said Thursday. The airline's plan to end overbooking could be implemented from May 8, according to a Southwest spokeswoman.
comments powered by Disqus
Follow RTT