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XOMA Secures $10 Million Term Loan
BERKELEY, Calif., Jan. 3, 2012 (GLOBE NEWSWIRE) -- XOMA Corporation (Nasdaq:XOMA), a leader in the discovery and development of antibody therapeutics, announced that it has entered into a $10.0 million 42-month secured term loan agreement with GE Capital, Healthcare Financial Services. The funds will be used for advancement of gevokizumab (XOMA 052), XOMA's lead clinical product candidate, and for general corporate purposes. Interest on the loan is payable at 11.71% per annum. In addition, XOMA has issued warrants to the lender to purchase 263,158 shares of its common stock exercisable at $1.14 per share.
"The increase in cash position provided by this debt financing is part of our overall strategy to fund gevokizumab development and other programs toward potential value-creating milestones," said Fred Kurland, XOMA's Vice President and Chief Financial Officer.