XOMA (Nasdaq:XOMA) really is a remarkable story in many ways. Few companies have survived so long, and raised capital so many times, and done so little with it. While the company has actually approached $100 million in reported sales, and not many biotechs do even that much, the company has never had any real success in the clinic and has basically strung along successive generations of investors on hype and hope. Now that the company is changing up management yet again, investors should be asking themselves if there is really a good reason to stick by a company that has floundered around for more than 20 years to no real purpose.
A Change at the Top
XOMA announced Wednesday that it's CEO Steve Engle was bailing on the company. Engle said, "I am looking forward to applying my expertise building life science companies in the future."
Hmmm, expertise? Engle became XOMA's CEO in August of 2007. In the those four years, XOMA has gone from a market cap north of $350 million to a current
market cap of just under $64 million, and the company really is not a great deal closer to having a winning product in its portfolio.
Read the complete article at the link below:
http://stocks.investopedia.com/stock-analysis/2011/XOMA-Rearranges-The-Deck-Chairs-One-More-Time-XOMA-REGN-PFE-ABT-ISIS-VICL-CELG0901.aspx
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