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XOMA sells rights to drug in multimillion dollar deal

XOMA Corp. sold the global development and commercialization rights of XOMA 358 to Rezolute Inc., formerly known as AntriaBio Inc.

The company will receive $5 million in Rezolute common stock and an additional $13 million in cash and common stock upon achievement of certain financing milestones.

XOMA is eligible to receive up to a further $240 million in potential milestone payments, as well as royalties on net sales of the medicine. XOMA will also receive royalties on the sales of AB101 and other products developed from Rezolute's extended-release and oral plasma kallikrein inhibitor platforms.

XOMA 358 is a human antibody being investigated for treating hyperinsulinemic hypoglycemia, a condition that results in low blood glucose as a result of excessive insulin in the body.

It has received orphan drug designations in the U.S. and EU.