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Saudi Arabian GP: F1 drivers back event to continue despite concerns after attack at Jeddah oil depot

Saudi Arabian GP: F1 drivers back event to continue despite concerns after attack at Jeddah oil depot

The F1 and FIA confirmed on Saturday morning that, following discussions with teams and drivers, the Saudi Arabian Grand Prix will go ahead as scheduled

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The F1 and FIA confirmed on Saturday morning that, following discussions with teams and drivers, the Saudi Arabian Grand Prix will go ahead as scheduled

The F1 and FIA confirmed on Saturday morning that, following discussions with teams and drivers, the Saudi Arabian Grand Prix will go ahead as scheduled

Formula 1’s Saudi Arabian GP is set to go ahead despite concerns from drivers after an attack on an oil depot close to the Jeddah circuit.

F1’s grid of 20 drivers met for over four hours after practice on Friday and talks – which included team bosses and F1 chiefs – continued until 2.30am local time on Saturday in Saudi Arabia.

The Grand Prix Drivers’ Association – which all drivers are members of – released a statement on Saturday morning admitting a “difficult and stressful day” and “human concerns” in the wake of a missile attack on a nearby oil facility during Friday practice, but confirming they would continue after being assured that “security measures were being elevated to the maximum”.

Sky Sports understands that Lewis Hamilton, Carlos Sainz and Pierre Gasly were leading concerns, although the drivers eventually agreed that the event would continue.

Sky F1's Simon Lazenby provides an update on developments after a fire erupted at an oil depot in Jeddah, which Yemen's Houthi rebels claim was an attack by the group.

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Sky F1’s Simon Lazenby provides an update on developments after a fire erupted at an oil depot in Jeddah, which Yemen’s Houthi rebels claim was an attack by the group.

Sky F1’s Simon Lazenby provides an update on developments after a fire erupted at an oil depot in Jeddah, which Yemen’s Houthi rebels claim was an attack by the group.

On Saturday morning, F1 and the FIA reiterated that final practice and qualifying would go ahead as planned later, with Sunday’s race to follow.

“Formula 1 and the FIA can confirm that following discussions with all the teams and drivers, the 2022 FIA Formula 1 Saudi Arabian Grand Prix will continue as scheduled,” read a statement.

“Following the widely reported incident that took place in Jeddah on Friday, there has been extensive discussion between all stakeholders, the Saudi government authorities and security agencies who have given full and detailed assurances that the event is secure.

“It has been agreed with all stakeholders to maintain a clear and open dialogue throughout the event and for the future.”

Shortly after, a statement from the GPDA meanwhile said: “Yesterday was a difficult day for Formula One and a stressful day for us Formula One drivers.

“Perhaps it is hard to comprehend if you have never driven an F1 car on this fast and challenging Jeddah track, but on seeing the smoke from the incident it was difficult to remain a fully focused race driver and erase natural human concerns.

“Consequently we went into long discussions between ourselves, with our team principals, and with the most senior people who run our sport. A large variety of opinions were shared and debated and, having listened not only to the Formula 1 powers but also to the Saudi government ministers who explained how security measures were being elevated to the maximum, the outcome was a resolution that we would practice and qualify today and race tomorrow.

“We therefore hope that the 2022 Saudi Arabian Grand Prix will be remembered as a good race rather than for the incident that took place yesterday.

Yemen’s Houthi rebel group have taken responsibility for the attack.

An oil depot – around seven miles from the track and owned by F1 sponsor Aramco – was set ablaze during first practice in Saudi and a large black smoke cloud could be seen from the circuit.

The fire was still burning late on Friday night and there was still smoke pouring into the sky on Saturday morning.

Saudi Arabian authorities say there were no casualties from the attack.

Final practice begins at 2pm on Sky Sports F1, with qualifying to follow at 5pm.

Slater: I can’t say the drivers were absolutely unanimous

Craig Slater says that as a group of drivers they have agreed it's correct to carry on with Saudi Arabian GP

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Craig Slater says that as a group of drivers they have agreed it’s correct to carry on with Saudi Arabian GP

Craig Slater says that as a group of drivers they have agreed it’s correct to carry on with Saudi Arabian GP

Analysis by Sky Sports News’ Craig Slater

“They had a very long discussion yesterday, all 20 drivers, for around about four hours, the vast majority of that time dealing with concerns about the rocket attack.”

“They sought the most robust assurances they could about the level of safety, what had gone on and how they saw things developing from here.

“Among those leading the conversations were the likes of Lewis Hamilton, Carlos Sainz, Pierre Gasly, Mick Schumacher as well. In the end, I can’t say they were absolutely unanimous that it was the right thing to proceed, but as a group of drivers they have agreed that it is correct to carry on and that is what is happening.

“We’ve had the drivers included in both the FIA and F1 statement and also this from the GPDA. Quite poignant, wasn’t it, maybe one or two things we hadn’t thought about raised by that GPDA statement, including how the drivers were feeling as they saw black clouds of smoke from close to the circuit and they’re driving around at speeds of 200mph.

“You have to be fully concentrated to do that kind of thing and to be concerned and worried is surely very destabilising.
In the immediate aftermath, we didn’t know if it was an accident or an attack, now it’s confirmed it was an attack there’s that extra level of concern with ‘could it happen again?’

“We heard the FIA president saying in effect ‘don’t worry, the Houthi rebels claiming responsibility for it are targeting infrastructure like oil depots and refineries.

“What I would say, F1 and the FIA answered as best they could all the drivers’ questions and gave them as much time and room to ask the questions they wanted to ask.”

F1 and FIA presidents insist Saudi GP is safe

F1 CEO Stefano Domenicali said the Saudi Arabia GP will go ahead after there was an attack at a nearby oil depot

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F1 CEO Stefano Domenicali said the Saudi Arabia GP will go ahead after there was an attack at a nearby oil depot

F1 CEO Stefano Domenicali said the Saudi Arabia GP will go ahead after there was an attack at a nearby oil depot

Before the F1 drivers continued their meetings in the Jeddah paddock, the sport’s president Stefano Domenicali insisted they had received support from drivers to continue and “total assurance” about safety from authorities.

The attack took place during first practice, which continued as normal, though there was a 15-minute delay to the start of second practice as drivers and team principals met with F1 president Domenicali and the FIA’s Mohammed Ben Sulayem.

There was another meeting following P2, which was also attended by a Saudi delegation, after which the F1 and FIA chiefs emerged at 10:40pm local time and insisted the Grand Prix would be going ahead.

The fire at the North Jeddah Bulk Plant happened around seven miles from the Jeddah circuit

The fire at the North Jeddah Bulk Plant happened around seven miles from the Jeddah circuit

“We have received total assurance of the country’s safety first,” said Domenicali. “They have placed all the systems to protect this area. So, we feel confident that we have to trust the local authority in that respect. We will of course go ahead with the event.”

Ben Sulayem added that attackers were “not targeting the track”.

“We had meetings with the high-level security then we had meetings with the team principals and the drivers,” the FIA president said. “And to assure you that, they are targeting the infrastructure of the economy not the civilians and, of course, not the track.

Red Bull's Christian Horner and Mercedes' Toto Wolff say they have been assured safety and have come to a unanimous decision to keep racing after a nearby oil outlet was attacked at the Saudi Arabia GP. 

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Red Bull’s Christian Horner and Mercedes’ Toto Wolff say they have been assured safety and have come to a unanimous decision to keep racing after a nearby oil outlet was attacked at the Saudi Arabia GP. 

Red Bull’s Christian Horner and Mercedes’ Toto Wolff say they have been assured safety and have come to a unanimous decision to keep racing after a nearby oil outlet was attacked at the Saudi Arabia GP. 

“Of course, we have checked the facts from them and we have had the assurance from the high authorities of the safety here and let’s go racing.”

Mercedes boss Toto Wolff said: “It was a good meeting, the drivers are going to talk now at a drivers’ meeting. We are the team principals, we’ve been assured we are protected here and it’s probably the safest place you can be in Saudi Arabia at the moment and that’s why we are racing. [It was a unanimous decision] by the team principals, yes.”

Red Bull principal Christian Horner added: “I think the sport has to stand together collectively. Any act of terrorism cannot be condoned and sport shouldn’t be bullied into a position – a situation like that just isn’t acceptable. Stefano and the president are dealing with it, there has been all of the assurances from the organisers and we’ll be going racing.”

The drivers, who had their scheduled media commitments cancelled, then met to discuss the situation.

Watch the moment smoke was visible from the Jeddah Circuit in Saudi Arabia

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Watch the moment smoke was visible from the Jeddah Circuit in Saudi Arabia

Watch the moment smoke was visible from the Jeddah Circuit in Saudi Arabia

Yemen’s Houthi rebel group takes responsibility for attack | No casualties reported

Neither F1 nor the FIA have confirmed the blaze was caused by an attack.

However, Yemen’s Houthi rebels claimed responsibility for a barrage of attacks on the kingdom, according to the Associated Press, while the Saudi Motorsport Company also referenced an attack.

“We are aware of the attack on the Aramco distribution station in Jeddah earlier this afternoon,” a statement read.

“The race organisers remain in direct contact with the Saudi security authorities, as well as F1 and the FIA to ensure all necessary security and safety measures continue to be implemented to guarantee the safety of all visitors to the Formula 1 STC Saudi Arabian Grand Prix as well as all drivers, teams and stakeholders.

“The race weekend schedule will continue as planned. The safety and security of all our guests continues to be our main priority and we look forward to welcoming fans for a weekend of premium racing and entertainment.”

Fire broke close to the Jeddah Corniche Circuit in Saudi Arabia during Friday's practice

Fire broke close to the Jeddah Corniche Circuit in Saudi Arabia during Friday’s practice

The blaze was centered on the same oil depot that the Houthis had attacked in recent days.

The al-Masirah satellite news channel run by Yemen’s Houthi rebels claimed they had attacked an Aramco facility in Jeddah, along with other targets in Riyadh and elsewhere. The report provided no further details.

Saudi state TV acknowledged that a “hostile operation” had taken place at the Aramco facility in Jeddah, with Reuters reporting there had been no casualties and that the fire was under control.

All driver media sessions were cancelled on Friday evening, although near the end of first practice Verstappen said on team radio: “I smell a bit of a burning feeling. I am not sure if it is my car, or another car.”

His engineer Gianpiero Lambiase replied: “We are happy it is not your car.”

Max Verstappen stated he could feel 'burning' in his Red Bull F1 car during first practice at the Jeddah Corniche Circuit.

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Max Verstappen stated he could feel ‘burning’ in his Red Bull F1 car during first practice at the Jeddah Corniche Circuit.

Max Verstappen stated he could feel ‘burning’ in his Red Bull F1 car during first practice at the Jeddah Corniche Circuit.

Explaining the situation in Jeddah

Analysis by Sky Sports News’ Craig Slater

“We have learnt that the explosion was caused by an attack on an Aramco oil plant setting two tanks ablaze.

“Reuters have reported there are no casualties.

“Houthi rebels from Yemen have claimed responsibility for this, they did so soon after the event on a satellite news channel they run. There has been an ongoing conflict in Yemen, government forces aided by a Saudi-led coalition have effectively been in a civil war with rebels for the past seven years and these rocket attacks have been a fairly regular yet infrequent occurrence and Jeddah has been targeted before but shocking that it could happen during such a big event.

“It took a while for F1 to stand up the reports that it was indeed an attack, that they wanted confirmation from the Saudi authorities. What F1 have said though is that they have been in close contact with the relevant authorities over the situation, as they still continue to call it, today.

Watch the moment smoke was visible from the Jeddah Circuit in Saudi Arabia

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Watch the moment smoke was visible from the Jeddah Circuit in Saudi Arabia

Watch the moment smoke was visible from the Jeddah Circuit in Saudi Arabia

“The authorities have confirmed that the event can continue as planned.

“Formula One knew about the possibility of these rocket attacks before they came out here. I spoke to Prince Khalid, who is the Chairman of the circuit at Silverstone and he had assured me the air defence systems were adequate enough to stop an attack getting through.

“Domenicali is on site and able to deal with this situation. It was a little surprising when we heard it was a deliberate attack because what is there to say what those individuals might attack next. They have never given any indication they would attack the Grand Prix itself of course but does it have to be considered a health and safety risk.

“It all happened very quickly. Formula One does exist, if I am honest, in a little bit of a bubble away from the significant events from around the race tracks around the world and the show carries on.”

“At face value, at least, Formula One and the race promoter admitted that the safety of all our guests continues to be the priority and we look forward to welcoming fans for a weekend of entertainment.”

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Google Search Console to show event rich results errors for missing locations

Google Search Console to show event rich results errors for missing locations

Google Search Console’s rich results report may now show you more warnings for event structured data markup if the event is missing a location. The search company posted this update here, stating “Google will start enforcing location requirements for events.”

The notice. Here is what Google posted:

Google will start enforcing location requirements for events. For events marked as virtual only (eventAttendanceMode = OnlineEventAttendanceMode), providing any physical locations will trigger a warning. For any event with a physical address, the address must be of type Place, not PostalAddress, or it will be an error. Therefore you might see an increase in errors and warnings in Event items on your site.

Location matters. Google clearly is saying that it wants you to fill in the location of the event so it can properly show those events in the search results. If the event is virtual, you can define the event location as being online with the “eventAttendanceMode = OnlineEventAttendanceMode” reference. If it is a in-person event, you should add the physical address.

What is event rich results. Event rich results is when Google Search uses your structured data on your event pages and shows richer search result snippets in its search results. Google said this can provide More interactive result by showing your logo, description of the event, and also increased chances of discovery and conversion by improving click through rates.

This is what these results can look like:

Why we care. If you use event schema on your pages, you may soon notice a spike in the warnings the rich results report displays in Google Search Console. All you need to do is add the location data to your schema and validate the error in Search Console.

You can learn more about troubleshooting these errors in Search Console or over here.


New on Search Engine Land

About The Author

Barry Schwartz a Contributing Editor to Search Engine Land and a member of the programming team for SMX events. He owns RustyBrick, a NY based web consulting firm. He also runs Search Engine Roundtable, a popular search blog on very advanced SEM topics. Barry’s personal blog is named Cartoon Barry and he can be followed on Twitter here.

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XOMA Reports Full Year 2021 Financial Results and Highlights Recent Operational Events

Xometry Champions Inclusive Leadership With Two 'Xometry Live' Events

Earned $35 million milestone payment as NIS793 entered Phase 3 clinical study in metastatic pancreatic cancer

Received $1.2 million from three milestone payments, two of which were from a single Janssen asset and one was from Compugen

Earned a $2 million milestone from Rezolute as it dosed the final patient in a Phase 2 open-label study of RZ358 in patients with congenital hyperinsulinism in early 2022

Acquired an economic interest in Roche’s novel bispecific antibody from Affitech SA. This asset has since received commercialization approval from the U.S. Food and Drug Administration (FDA) for the treatment of neovascular or wet age-related macular degeneration (nAMD) and diabetic macular edema (DME). We paid Affitech SA $5 million in milestones upon these approvals

Three drug candidates being advanced by partners received special designations from the FDA in 2021:

NIS793 in combination with standard of care chemotherapy was granted Orphan Drug Designation for the treatment of pancreatic cancer,

DAY101 received Rare Pediatric Disease Designation for the treatment of pediatric low-grade glioma, and

Ficlatuzumab received Fast Track Designation for the treatment of relapsed or recurrent head and neck squamous cell carcinoma

Added eight assets to XOMA’s portfolio of potential milestone and royalty assets in 2021

Ended 2021 with cash and restricted cash of $95.4 million and no debt on XOMA’s balance sheet

Jim Neal named Chairman of the Board of Directors

EMERYVILLE, Calif., March 08, 2022 (GLOBE NEWSWIRE) — XOMA Corporation (Nasdaq: XOMA), a biotech royalty aggregator playing a distinctive role in helping companies achieve their goal of improving human health, reported its 2021 financial results and provided a recent operations update.

“XOMA’s milestone and royalty aggregator business model really began to demonstrate its potential in 2021 and in the first few months of 2022. In 2021, we received $36.2 million in milestone payments, which allowed XOMA to report positive operating cash-flow for the second consecutive year. The anti-TGFß asset we licensed to Novartis in 2015 entered Phase 3 development in 2021, a milestone that resulted in us receiving a $35 million payment. In the past two years, this asset, NIS793, has provided us with a total of $60 million in milestone revenue. Last October, we announced a significant transaction for XOMA, the purchase of rights to a 0.5% commercial payment on faricimab, a BLA-review-stage asset, for a $6 million upfront payment plus potential future milestone payments to Affitech SA. In late January 2022, the FDA gave commercialization approval to this novel bispecific antibody for the treatment of nAMD and DME. This is the first asset under our royalty aggregator model to receive commercialization approval. We recently paid $5 million in milestone payments to Affitech, triggered by these FDA approvals. Another advancement in January 2022 came as Rezolute dosed the final patient with RZ358 in its Phase 2 congenital hyperinsulinism (CHI) study, which triggered a $2 million milestone payment to XOMA. Given our history with RZ358 and the connections we made with the CHI community, we are looking forward to seeing the clinical results when they are announced publicly,” stated Jim Neal, Chairman and Chief Executive Officer of XOMA.

“These are just a few of the advances we’ve seen in our portfolio over the past year. We wish all our partners success in their clinical development efforts, as there are patients in need of additional therapeutic options.

“Our team continues to identify and acquire milestone and royalty licenses to expand and diversify XOMA’s portfolio, with eight assets added in 2021. With a strong foundation firmly established and an outstanding team in place, I decided it was the right time for the Company to proactively initiate a CEO succession plan, and we have launched a formal search. In the meantime, I will remain as CEO and continue to help shape XOMA’s future as Chairman of the Board. I believe 2021 and these first few months of 2022 are just the beginning of what’s to come,” Mr. Neal concluded.

Financial Results

XOMA recorded total revenues of $35.9 million for the fourth quarter of 2021, compared with $27.6 million in the fourth quarter of 2020. The increase for the three months ended December 31, 2021, as compared to the corresponding period of 2020, was primarily due to the $35.0 million milestone earned under the Company’s Anti-TGFß Antibody License Agreement with Novartis International. For the full year of 2021, XOMA recorded revenues of $38.2 million, compared to $29.4 million for the full year of 2020. In 2021, XOMA received milestone revenue of $35.0 million earned under its Anti-TGFß Antibody License Agreement with Novartis, $0.5 million under its license agreement with Compugen, and $0.7 million under its license agreement with Janssen. Revenues for the full year of 2020 reflect $25.0 million in milestone revenue earned under the Company’s Anti-TGFß Antibody License Agreement with Novartis International and $2.0 million earned under XOMA’s collaboration agreement with Takeda.

Research and development (“R&D”) expenses were $42,000 and $36,000, respectively, for the fourth quarters of 2021 and 2020. R&D expenses for the full years of 2021 and 2020 and were $0.2 million.

General and administrative (“G&A”) expenses were $5.5 million for the fourth quarter of 2021, compared to $3.7 million for the fourth quarter of 2020. The increase of $1.8 million for the three months ended December 31, 2021, as compared to the corresponding period of 2020, was due primarily to a $1.1 million increase in stock compensation expense related to a grant of options in connection with Mr. Neal’s amended employment agreement and the reversal of $1.4 million in bad debt expense in the fourth quarter of 2020, partially offset by a decrease of $0.5 million in legal and consulting costs. G&A expenses were $20.5 million for the full year of 2021, compared to $16.8 million for the full year of 2020. The increase of $3.7 million in 2021 as compared with 2020 was primarily due to a $2.2 million increase in stock compensation expense, $0.8 million increase in salary and related expenses, $0.4 million increase in legal and consulting costs and $0.2 million increase in insurance costs.

In the fourth quarter of 2021, G&A expenses included $1.7 million in non-cash stock-based compensation expense, compared with $0.7 million in the fourth quarter of 2020. For the full year of 2021, G&A expenses included $6.2 million in non-cash stock-based compensation expense, compared with $3.9 million of non-cash stock-based compensation expense in 2020. XOMA’s net cash provided by operations in the fourth quarter of 2021 was $30.7 million, as compared with $17.7 million during the fourth quarter of 2020.

XOMA’s net cash provided by operations for the full year of 2021 was $22.7 million compared to $10.1 million in 2020.

In June 2021, the Company repaid its outstanding debt obligations to Silicon Valley Bank and Novartis in full. For the full year of 2021, interest expense was $0.5 million, compared with $1.8 million reported in the full year of 2020. The decrease in interest expense during 2021 reflects the extinguishment of XOMA’s debt obligations.

Other expense, net was $0.4 million for the fourth quarter of 2021, compared to other expense, net of $0.8 million in the corresponding quarter of 2020. Other expense, net was $0.9 million for the full year of 2021, compared to other income, net of $1.2 million for the corresponding period of 2020. The fluctuation in other (expense) income, net for the quarter and year ended December 31, 2021, as compared to the same periods in 2020, is primarily due to the change in the fair value of equity securities XOMA holds in Rezolute, Inc.

Net income for the fourth quarter of 2021 was $29.8 million, compared to net income of $22.7 million for the fourth quarter of 2020. For the full year of 2021, net income was $15.8 million, as compared to $13.3 million for the full year of 2020.

On December 31, 2021, XOMA had cash and restricted cash of $95.4 million. The Company ended December 31, 2020, with cash and restricted cash of $85.8 million. After paying its remaining debt obligations in the second quarter of 2021, XOMA has no debt on its balance sheet. The Company continues to believe its current cash position will be sufficient to fund XOMA’s operations for multiple years.

About XOMA Corporation

XOMA is a biotechnology royalty aggregator playing a distinctive role in helping biotech companies achieve their goal of improving human health. XOMA acquires the potential future economics associated with pre-commercial therapeutic candidates that have been licensed to pharmaceutical or biotechnology companies. When XOMA acquires the future economics, the seller receives non-dilutive, non-recourse funding they can use to advance their internal drug candidate(s) or for general corporate purposes. The Company has an extensive and growing portfolio with more than 70 assets (asset defined as the right to receive potential future economics associated with the advancement of an underlying therapeutic candidate). For more information about the Company and its portfolio, please visit www.xoma.com.

Forward-Looking Statements/Explanatory Notes

Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the timing and amount of potential commercial payments to XOMA and other developments related to faricimab, the potential of XOMA’s portfolio of partnered programs and licensed technologies generating substantial milestone and royalty proceeds over time, and XOMA’s cash sufficiency forecast. In some cases, you can identify such forward-looking statements by terminology such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project,” “expect,” “may,” “will”, “would,” “could” or “should,” the negative of these terms or similar expressions. These forward-looking statements are not a guarantee of XOMA’s performance, and you should not place undue reliance on such statements. These statements are based on assumptions that may not prove accurate, and actual results could differ materially from those anticipated due to certain risks inherent in the biotechnology industry, including those related to the fact that our product candidates subject to out-license agreements are still being developed, and our licensees may require substantial funds to continue development which may not be available; we do not know whether there will be, or will continue to be, a viable market for the products in which we have an ownership or royalty interest; if the therapeutic product candidates to which we have a royalty interest do not receive regulatory approval, our third-party licensees will not be able to market them; and the impact to the global economy as a result of the COVID-19 pandemic. Other potential risks to XOMA meeting these expectations are described in more detail in XOMA’s most recent filing on Form 10-K and in other filings with the Securities and Exchange Commission. Consider such risks carefully when considering XOMA’s prospects. Any forward-looking statement in this press release represents XOMA’s beliefs and assumptions only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. XOMA disclaims any obligation to update any forward-looking statement, except as required by applicable law.

EXPLANATORY NOTE: Any references to “portfolio” in this press release refer strictly to milestone and/or royalty rights associated with a basket of drug products in development. Any references to “assets” in this press release refer strictly to milestone and/or royalty rights associated with individual drug products in development.

As of the date of this press release, all assets in XOMA’s milestone and royalty portfolio, except faricimab, are investigational compounds. Efficacy and safety have not been established. There is no guarantee that any of the investigational compounds will become commercially available.

XOMA CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands, except per share amounts)
Three Months Ended

December 31,
Year Ended

December 31,
2021 2020 2021 2020
Revenues:
Revenue from contracts with customers $ 35,424 $ 27,188 $ 36,518 $ 27,941
Revenue recognized under units-of-revenue method 520 392 1,642 1,444
Total revenues 35,944 27,580 38,160 29,385
Operating expenses:
Research and development 42 36 171 170
General and administrative 5,537 3,672 20,460 16,799
Total operating expenses 5,579 3,708 20,631 16,969
Income from operations 30,365 23,872 17,529 12,416
Other (expense) income, net:
Interest expense (360 ) (461 ) (1,844 )
Loss on extinguishment of debt (300 )
Other (expense) income, net (430 ) (821 ) (879 ) 1,225
Income before income tax 29,935 22,691 15,889 11,797
Income tax (expense) benefit (91 ) (25 ) (91 ) 1,501
Net income and comprehensive income $ 29,844 $ 22,666 $ 15,798 $ 13,298
Net income and comprehensive income available to common stockholders, basic $ 19,744 $ 15,555 $ 7,787 $ 8,793
Net income and comprehensive income available to common stockholders, diluted $ 20,136 $ 15,957 $ 7,968 $ 9,010
Basic net income per share available to common stockholders $ 1.75 $ 1.40 $ 0.69 $ 0.82
Diluted net income per share available to common stockholders $ 1.67 $ 1.32 $ 0.65 $ 0.78
Weighted average shares used in computing basic net income per share available to common stockholders 11,313 11,082 11,288 10,674
Weighted average shares used in computing diluted net income per share available to common stockholders 12,079 12,059 12,192 11,503
XOMA CORPORATION
CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)
December 31, 2021 December 31, 2020
ASSETS
Current assets:
Cash $ 93,328 $ 84,222
Restricted cash 2,049 1,611
Short-term equity securities 774
Trade and other receivables, net 209 263
Income tax receivable 1,526
Prepaid expenses and other current assets 613 443
Total current assets 96,973 88,065
Long-term restricted cash 531
Property and equipment, net 13 21
Operating lease right-of-use assets 200 359
Long-term royalty and commercial payment receivables 69,075 34,575
Long-term equity securities 1,693
Other assets 301 41
Total assets $ 166,562 $ 125,285
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 1,072 $ 456
Accrued and other liabilities 525 642
Income taxes payable 91
Contingent consideration under royalty purchase agreements and commercial purchase payment agreements 8,075 75
Operating lease liabilities 195 179
Unearned revenue recognized under units-of-revenue method 1,641 1,452
Contingent liabilities 1,410
Current portion of long-term debt 8,088
Preferred stock dividend accrual 1,368
Total current liabilities 12,967 12,302
Unearned revenue recognized under units-of-revenue method – long-term 11,685 13,516
Long-term debt 12,764
Long-term operating lease liabilities 34 229
Other liabilities – long-term 50
Total liabilities 24,686 38,861
Stockholders’ equity:
Preferred Stock, $0.05 par value, 1,000,000 shares authorized:
8.625% Series A cumulative, perpetual preferred stock, 984,000 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively 49 49
8.375% Series B cumulative, perpetual preferred stock, 1,600 and zero shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively
Convertible preferred stock, 5,003 issued and outstanding at December 31, 2021 and December 31, 2020, respectively
Common stock, $0.0075 par value, 277,333,332 shares authorized, 11,315,263 and 11,228,792 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively 85 84
Additional paid-in capital 1,307,030 1,267,377
Accumulated deficit (1,165,288 ) (1,181,086 )
Total stockholders’ equity 141,876 86,424
Total liabilities and stockholders’ equity $ 166,562 $ 125,285
Investor contacts:
Juliane Snowden Justin Frantz
XOMA Solebury Trout
+1-646-438-9754 +1-937-441-9731
juliane.snowden@xoma.com jfrantz@troutgroup.com
Media contact:
Kathy Vincent
KV Consulting & Management
+1-310-403-8951
kathy@kathyvincent.com



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Check out late results from area prep events from Saturday, Feb. 19, 2022

Check out late results from area prep events from Saturday, Feb. 19, 2022

21st Century 87, Calumet 58

Xyavion Gray 4, David Flores 0, Waine Wilderness 0, Scott Flores 3, Greg Price 2, Maurice Scarber 0, Eric Martin 31, Erick Allen 13, Malik Hubbard 4, Jalen Bullock 1. Totals – 21 12-18 58.

3-point field goals – Calumet 4 (S. Flores, Allen 3). Records: 21st Century 15-4, Calumet 11-9.

Chesterton 69, Boone Grove 57

Records: Chesterton 22-0, Boone Grove 14-7.

Kankakee Valley 55, Hanover Central 53

Records: Kankakee Valley 15-5, Hanover Central 9-11.

Lake Station 53, Kouts 50

LAKE STATION (12-10-19-12)

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Willie Miller 16, Maurion Turks 0, Adam Eastland 2, Armoni Gonzalez 16, Romeo Guerra 7, Vince Yzaguirre 8, Elijah Jackson 4, Darryl Mosley 0. Totals 17 17-21 53.

Joe Vick 2, Matt Baker 6, Aaron Ketchmark 23, Tristin Ballas 3, Connor Croff 14, Owen Winters 0, Spencer Andrews 2, Japheth Anweiler 0. Totals 19 10-13 50.

3-point field goals: Lake Station 2 (Gonzalez 2); Kouts 2 (Croff 2). Total Fouls: Lake Station 14, Kouts 16. Fouled Out: Gonzalez (LS). Records: Lake Station 17-3, Kouts 12-9. JV Score: Kouts 77 Lake Station 36.

Merrillville 63, Hobart 47

Records: Merrillville 8-13, Hobart 6-13.

Records: Morton 10-11, Lowell 0-21.

Mobley 5, Resendez 13, Ciotiana 0, Issa 0, Ladendorf 11, Miles 2, Fealter 2, Strezo 3, Mackey 0, Chandler 0. Totals – 15 2-4 36.

David Cundiff 5, Yaw Awuah 2, Caden Atkins 0, Jermaine Coney 5, Ryan Giba 0, Nolan Kinsella 8, Andrew Cipowski 0, Sean Kimble 15, Luke Macek 2, Peter Moreno 2, Brandon trilli 15. Totals – 20 11-16 54.

3-point field goals – Griffith 4 (Mobley, Resendez 2, Strezo); Munster 3 (Cundiff, Coney, Kimble). Team fouls – Griffith 13, Munster 9. Records: Munster 17-4, Griffith 3-15.

North Newton 44, South Newton 36

Records: North Newton 9-10, South Newton 8-11.

River Forest 46, Washington Township 43

Kyron Matthews 11, Joey Ondo 10, Dennis Hurn 8, Travis Randolph 7, Jason Johnson 7, Keystone Gunter 3.

Records: River Forest 7-11, Washington Township 3-13.

Class 4A Logansport Semistate

Noblesville 62, Crown Point 41

Jessica Carrothers 10, Emily Phillips 9, Ava Ziolkowski 8, Lilly Stoddard 7, Alyvia Santiago 3, Brooke Lindesmith 3, Cristyn Fraley 1. Totals – 14 7-13 41.

K. Shoemaker 6, Shade 23, Wilson 16, Tippner 9, Smitherman 6, A. Shoemaker 0, Mendez 2. Totals – 22 11-12 62.

3-point field goals – Crown Point 6 (Santiago, Phillips 3, Ziolkowski 2); Noblesville 7 (K. Shoemaker, Shade, Wilson 4, Tippner). Team fouls – Crown Point 10, Noblesville 11. Records: Noblesville 24-4, Crown Point 24-4.

Team scores: 1. Chesterton 542, 2. Valparaiso 433, 3. LaPorte 250, 4. Wheeler 195, 5. Hobart 168, 6. Portage 156, 7. Michigan City 147, 8. Knox 91, 9. North Judson 84, 10. Merrillville 69, 11. Kankakee Valley 64.

200 medley relay – 1. Chesterton (Alejandro Kincaid, Aidan Tharp, Scottie Pejic, Gavin Nagdeman) 1:34.10, 2. Valparaiso (Landon Schemel, Jonah Lee, Cayden DeSmet, Kyle Seward) 1:40.64, 3. LaPorte (Lucas Banic, Abbas Hakim, Maxwell Unger, Allen Fuller) 1:47.69, 4. Michigan City (Christian McDaniel, Malakai Siuda, Jayson Kempf, Maxwell Muckway) 1:47.77.

200 free – 1. Gabe Eschbach (CHE) 1:40.97, 2. Tharp (CHE) 1:43.54, 3. Cormac Fallon (CHE) 1:46.52, 4. George Patterson (VAL) 1:47.19.

200 IM – 1. Colby Breault (POR) 2:02.76, 2. Amadeo Kincaid (CHE) 2:02.84, 3. Lee (VAL) 2:03.30, 4. Ethan Moody (CHE) 2:04.20.

50 free – 1. Seward (VAL) 21.76, 2. Tyler Schmidt (WHE) 22.33, 3. Nagdeman (CHE) 22.37, 4. Daniel Streeter (CHE) 22.55.

Diving – 1. Ethan Ferba (HOB) 458.65, 2. Tyson Borgelt (VAL) 387.20, 3. Lucas Lauzion (CHE) 366.10, 4. Bryce Bernard (VAL) 350.80.

100 butterfly – 1. Alej. Kincaid (CHE) 49.45, 2. S. Pejic (CHE) 50.24, 3. Breault (POR) 55.39, 4. Jonathan Pejic (CHE) 55.85.

100 free – 1. Tharp (CHE) 46.98, 2. Seward (VAL) 47.56, 3. Schmidt (WHE) 49.23, 4. Luke Wheele (CHE) 49.51.

500 free – 1. Eschbach (CHE) 4:35.52, 2. Patterson (VAL) 4:47.26, 3. Fallon (CHE) 4:51.06, 4. Nash (VAL) 4:55.67.

200 free relay – 1. Chesterton (S. Pejic, Wheele, Streeter, Eschbach) 1:27.27, 2. Wheeler (Andrew Stoner, Schmidt, Vincent Ordonez, Thomas Emery) 1:32.07, 3. Valparaiso (Harrison Wainman, Heshan Karunaratne, Theodore Pigott, Cade Kennedy) 1:32.83, 4. LaPorte (Allen Fuller, Grant Olson, Gage Lane, Daniel Villa) 1:36.41.

100 backstroke – 1. Alej. Kincaid (CHE) 49.08, 2. Nagdeman (CHE) 52.99, 3. Amadeo Kincaid (CHE) 55.37, 4. Singleton (Knox) 56.26.

100 breaststroke – 1. Colin Kostbade (LAP) 1:00.69, 2. Lee (VAL) 1:01.79, 3. DeSmet (VAL) 1:01.94, 4. Henry Kominiarek (VAL) 1:03.74.

400 free relay – 1. Chesterton (S. Pejic, Eschbach, Tharp, Alej. Kincaid) 3:07.24, 2. Valparaiso (Nash, Schemel, Patterson, Seward) 3:15.70, 3. Hobart (Owen Finch, Christian Kertz, Jeydan Fifer, Nathaniel Mamushe) 3:31.79, 4. Wheeler (Schmidt, Ordonez, Emery, Stoner) 3:32.43.

At Gainbridge Fieldhouse in Indianapolis

Team scores (top 5 and locals): 1. Crown Point 178, 2. Brownsburg 105, 3. Evansville Mater Dei 93, 4. Center Grove 65, 5. Indianapolis Cathedral 58.5, 9. Chesterton 34, 18. LaPorte 22, 24. Kankakee Valley 18, 28. Hobart 14, 34. Lake Central 11, 34. River Forest 11, 48. Merrillville 6, 48. Valparaiso 6.

Championship matches (with locals):

106 – Hockaday (Brownsburg) dec. Gavin Jendreas (CP) 4-3; 113 – Ashton Jackson (LAP) dec. Haines (Brownsburg) 1-0; 126 – Logan Frazier (CP) dec. Buttler (Whiteland) 5-3; 132 – Seltzer (Cathedral) dec. Anthony Bahl (CP) 10-5; 138 – Jesse Mendez (CP) pinned Cole Solomey (KV) 3:38; 152 – Samuel Goin (CP) dec. Ruhlman (Bloomington South) 4-3; 182 – Buchanan (Center Grove) dec. Orlando Cruz (CP) 4-1.

Third-place matches (with locals):

113 – Dickey (Cathedral) dec. Johnny Cortez (LC) 7-3; 145 – Aidan Torres (CHE) dec. Koontz (Perry Meridian); 160 – Boe (Avon) dec. Cody Goodwin (CP) 3-2; 195 – Jordan (Franklin Central) dec. Gage DeMarco (CHE) 5-2; 220 – Critchfield (Mater Dei) dec. Paul Clark (CP) 4-2.

Fifth-place matches (with locals):

106 – Jeffrey Bailey (RF) dec. Luke Rioux (Avon) 8-4; 113 – Seng (Mater Dei) dec. Trevor Schammert (HOB) 3-0; 170 – Buchanan (Jimtown) dec. Connor Svantner (VAL) 5-3 ; 182 – Schroeder (Southridge) dec. Jacob Simpson (HOB) 3-2; 195 – William Clark (CP) pinned Purdy (Castle) 4:43.

Seventh-place matches (with locals):

120 – Hayden DeMarco (CHE) d. Gilbert (Sullivan), injury; 126 – David Maldonado (MER) d. Nelson (Castle), injury.

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Canadians proud of results in Beijing 2022 two-woman bobsleigh event

Team Canada’s Cynthia Appiah and Dawn Richardson Wilson compete in the 2-woman bobsleigh heat 3

COC/Dave Holland

Led by the duo Christine de Bruin and Kristen Bujnowski, two Canadian sleds finished within the top eight of the two-woman bobsleigh event at Beijing 2022.

de Bruin and Bujnowski entered the final day just 0.42 back of a spot on the podium but couldn’t make up enough time in their third and fourth runs, placing them fifth overall with a total time of 4:06.37.

Team Canada’s Christine de Bruin and Kristen Bujnowski compete in the 2-woman bobsleigh heat 3
Team Canada’s Christine de Bruin and Kristen Bujnowski compete in the 2-woman bobsleigh heat 3 during the Beijing 2022 Olympic Winter Games on Saturday, February 19, 2022. Photo by COC/Handout Dave Holland

“I think we really put down four solid runs, four solid pushes” said de Bruin, who won bronze in the women’s monobob earlier in the Games. “It all just came down to we couldn’t gain.”

“I’m really, really proud of us and what we’ve done.”

The Germans continued their domination of sliding sports in Beijing with Laura Nolte winning gold with a time of 4:03.96 and Mariama Jamanka taking the silver with a time of 4:04.73. American Elana Meyers Taylor took the bronze with a time of 4:05.48 and another German, Kim Kalicki, finished fourth with a time of 4:06.28.

The fifth-place finish is an improvement for de Bruin in the two-woman event from PyeongChang 2018 where she finished seventh. Bujnowski, taking part in her first Olympic Games, was happy to team up with de Bruin for Beijing.

“I think it was really exciting,” Bujnowski said of her Olympic experience. “I think we worked really well as a team and really supported each other. We each made mistakes at certain times and we were really great at certain times and we both stood by each other. I think that’s a really important part of a strong team.”

Canada’s Cynthia Appiah and brakewoman Dawn Richardson Wilson, meanwhile, entered the day in eighth and would finish there with a total time of 4:07.52. It certainly could have been a much worse result given that the two had a crash near the end of their third run. Although clearly frustrated, both would be okay.

Appiah said the crash looked much worse than it actually was.

“I think I was more upset that the crash happened than anything,” she said. “I got a little bit of a shoulder bruise but, all things considered, it could have been worse and I’m glad that’s the worst of it.”

In their fourth and final run, Appiah had difficulty with one corner but this time recovered nicely to keep the sled on its tracks. Being able to quickly rebound from a rough result is part of the sport, she said.

“In this sport you really have to live in the moment, process the mistakes as quickly as possible and move on because you’ve got another run. I knew that, for Dawn, I couldn’t let her Olympic experience end on such a bad note and for myself as well. I knew that the fourth run was go big or go home.”

Both Appiah and Richardson Wilson were taking part in their first Olympic Games. Appiah was an alternate brakewoman four years ago in PyeongChang but made the move to pilot soon after.

The third Canadian sled in the two-woman event, featuring pilot Melissa Lotholz with brakewoman Sara Villani, finished 12th with a time of 4:08.37. The duo entered the final two heats in 16th position but had a good, clean day of sliding to move up the standings.

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Hearing-related events for real-world use of Tepezza comparable with trial results

Hearing-related events for real-world use of Tepezza comparable with trial results

February 17, 2022

1 min read


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A post-marketing safety analysis showed that the real-world rate of hearing-related events linked with Tepezza treatment was comparable to that found in clinical trials, according to a press release.

The 19-month analysis included data from thousands of patients with thyroid eye disease treated with Tepezza (teprotumumab-trbw, Horizon Therapeutics) since the drug’s FDA approval in 2020.

According to the release, about 10% of all cases reported to the safety database have included a hearing-related event. The most frequent hearing event was hypoacusis, followed by tinnitus. There were no new safety concerns.

In the pooled OPTIC phase 3 and OPTIC-X open-label extension trials, 9.5% of patients who received Tepezza had a hearing-related event compared with 0% of patients who received placebo. These events were mild or moderate and caused few discontinuations or therapy interruptions, according to the release.

“Managing the disabling symptoms of thyroid eye disease can be difficult for patients, both physically and emotionally, and before Tepezza, there was a significant unmet medical need for an effective treatment,” Jeffrey W. Sherman, MD, FACP, executive vice president and chief medical officer at Horizon, said in the release. “Ongoing research reinforces the significant impact Tepezza can have on people living with this devastating disease.”

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Formula 1: Three sprint events confirmed for 2022, with more points on offer

Formula 1: Three sprint events confirmed for 2022, with more points on offer

Sprint events will take place in Imola, Austria and Brazil – while the top eight finishers will all score points for the shortened race, which sets the grid for Sunday’s Grand Prix

Last Updated: 14/02/22 6:02pm


Formula 1 will hold three sprint races this year after a compromise was found over money concerns, while the events will also offer more points.

A success last year in increasing action and excitement with a grid-setting short Saturday race, F1 had originally intended to double the amount of sprints to six in 2022, although the top teams were understood to have wanted an increase to the cost cap to facilitate the extra running.

Not willing to budge on its budget cap, F1 offered a compromise of three sprints – and that was approved ‘unanimously’ at the F1 Commission meeting on Monday.

The three sprint races will take place in Imola (April 23), Austria (July 9) and Brazil (November 12).

There will also be a change to the points-scoring system. Last year when the format was trialled, only the top three drivers scored points, with three points for the winner, two for second and one for third.

Craig Slater reports that the FIA are proposing 'structural changes' following their enquiry into the controversial ending to last season's Abu Dhabi GP.

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Craig Slater reports that the FIA are proposing ‘structural changes’ following their enquiry into the controversial ending to last season’s Abu Dhabi GP.

Craig Slater reports that the FIA are proposing ‘structural changes’ following their enquiry into the controversial ending to last season’s Abu Dhabi GP.

This season the winner of the shortened race – which determines the grid for Sunday’s Grand Prix – will now receive eight points with seven for second and so on down to one point for eighth place.

Meanwhile, the FIA confirmed that no points will be awarded unless at least two laps have been completed without a safety car.

The new rule comes into force following last season’s two-lap, rain-hit Belgian GP which ran entirely behind the safety car.