XOMA Corp (NASDAQ:XOMA), a leader in the discovery and development of therapeutic antibodies, today announced the Phase 3 EYEGUARD-B study of gevokizumab in patients with Behçet’s disease uveitis, run by its partnerServier, an independent French pharmaceutical research company driven by the pursuit of innovative drugs, did not meet the primary endpoint of time to first acute ocular exacerbation.

“Although the study did not achieve its main objective, we did see signals of drug activity such as preserved visual acuity, less severe ocular exacerbations and a reduced incidence of reported macular edema in patients treated with gevokizumab,” said Paul Rubin MD, Senior Vice President Research and Development and Chief Medical Officer. “We will continue to work closely with our partner, Servier, and uveitis experts to conduct a thorough analysis of the data to fully understand gevokizumab’s impact on several clinically relevant endpoints.”

“The initial observations seen in the secondary endpoints are clinically important and meaningful to both clinicians and Behçet’s disease uveitis patients,” stated Dr. Ilknur Tugal-Tutkun, international coordinator for the EYEGUARD-B study and Professor of Ophthalmology, Head, Ocular Immunology and Uveitis Service at Istanbul University, Istanbul Faculty of Medicine, Department of Ophthalmology. “We look forward to learning more.”

“In recent years, our public focus has been on gevokizumab. However, during that time, we have significantly advanced other assets in our pipeline including XOMA 358, for which we completed a positive Phase 1 study showing it is active in down-regulating the insulin receptor and shows potential in treating patients who experience endogenous over-production of insulin, and XOMA 089, our late preclinical anti-TGFβ monoclonal antibody with potential in immuno-oncology and fibrosis,” said John Varian, Chief Executive Officer of XOMA. “We will focus our efforts on creating value with these pipeline assets and reduce expenses where appropriate. While we continue to evaluate the data from EYEGUARD-B, the EYEGUARD-A and C studies, in the broader range of non-infectious uveitis, are still recruiting.”

Gevokizumab appeared to be well tolerated in the trial. Adverse events were comparable between gevokizumab and placebo treated groups. (Original Source)

Shares of Xoma closed yesterday at $4.39. XOMA has a 1-year high of $5.95 and a 1-year low of $2.92. The stock’s 50-day moving average is $3.97 and its 200-day moving average is $3.70.

On the ratings front, Xoma has been the subject of a number of recent research reports. In a report issued on July 10, Piper Jaffray analyst Edward Tenthoff reiterated a Buy rating on XOMA, with a price target of $8, which represents a potential upside of 82.0% from where the stock is currently trading. Separately, on July 9, Cowen’s Phil Nadeau reiterated a Buy rating on the stock .

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Edward Tenthoff and Phil Nadeau have a total average return of 29.2% and 41.2% respectively. Tenthoff has a success rate of 62.0% and is ranked #156 out of 3711 analysts, while Nadeau has a success rate of 78.4% and is ranked #41.

XOMA Corpdiscovers and develops antibody-based therapeutics. Several of its antibodies have properties due to their interaction at allosteric sites on specific protein rather than the orthosteric, or active sites.