AVEO's initiation of AV-299 Phase 2 trial for lung cancer triggers $750,000 milestone payment to XOMA

XOMA Ltd. (Nasdaq:XOMA), a leader in the discovery and development of therapeutic antibodies, announced receipt of a $750,000 milestone payment under its collaboration with AVEO Pharmaceuticals, Inc. (Nasdaq:AVEO). The milestone payment resulted from AVEO's recent initiation of a Phase 2 clinical trial to evaluate its AV-299 antibody for the treatment of non-small cell lung cancer. AV-299 is a humanized antibody to hepatocyte growth factor (HGF).

XOMA has signed more than 60 license and collaboration agreements with pharmaceutical and biotechnology companies related to its patented technologies and its antibody discovery, development and optimization expertise. These agreements cover a number of potential product candidates in various stages of clinical and preclinical development for which XOMA may be entitled to future milestone and royalty payments.