BERKELEY, Calif., Jan. 22, 2009 (GLOBE NEWSWIRE) -- XOMA Ltd. (Nasdaq:XOMA) today announced that it has received a milestone payment of $500,000 for the initiation of a Phase 3 clinical trial from Pfizer Inc. (Pfizer), the world’s largest research-based biomedical and pharmaceutical company, pursuant to the parties’ previously-announced license agreement. The agreement grants Pfizer non-exclusive, worldwide rights to XOMA’s patented bacterial cell expression (BCE) technology for phage display and other research, development and manufacture of antibody products. The milestone payment arises from the initiation by Pfizer of Phase 3 clinical trials for an antibody drug candidate, tanezumab, for the treatment of chronic pain due to osteoarthritis.
