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Aveo and Xoma Enter into Supply Agreement

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Xoma Ltd. and Aveo Pharmaceuticals, Inc. have announced a $6 million agreement under which Xoma will manufacture and supply AV-299, Aveo's anti-HGF antibody, in support of early clinical trials.

The companies also announced that Xoma has completed the Human Engineering™ (HE™) of AV-299.

This agreement further strengthens the collaboration between the companies that began with the humanization of AV-299.

Under the supply agreement, Xoma will create AV-299 production cell lines, and conduct process and assay development, as well as cGMP manufacturing activities in support of Aveo's IND filing and early clinical trials.

On April 27, 2006, Xoma and Aveo announced an agreement under which Xoma would use its HE™ technology to humanize AV-299.

Xoma created four Human Engineered™ versions of the original AV-299, all of which met design goals and were delivered ahead of schedule. From these four versions, Aveo selected one as its lead development candidate.

For work conducted and licenses granted, Xoma received an up-front license fee and is eligible for development milestones and royalty payments on sales of AV-299. AVEO retains all development and commercialization rights to AV-299.

"The Human Engineered™ AV-299 product candidate has fully retained its specificity and functionality in vitro and in vivo," said Tuan Ha-Ngoc, Aveo's President and Chief Executive Officer.

"Accessing Xoma's biologicals manufacturing capabilities allows Aveo to continue its accelerated product development timelines for the AV-299 program, increasing the potential for its clinical and commercial success."

"This success is another demonstration of the robustness and speed advantages of Xoma's HE™ technology," said Jack Castello, Chairman of the Board, President, and Chief Executive Officer of Xoma.

"We expect this to be the first of many HE™ technology agreements that evolve into broader relationships and allow us to leverage Xoma's innovations, expertise and antibody development infrastructure."