XOMA (XOMA) Gets 'Going Concern' Removed from Financial Statements

December 22, 2009 9:35 AM EST
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XOMA Ltd. (NASDAQ: XOMA) today announced that, as a result of an improvement in the Company's financial status and in particular its full repayment of an outstanding loan, at the Company's request, its independent registered public accounting firm, Ernst & Young LLP, has agreed to remove a qualification regarding the Company's ability to continue as a going concern in an updated report on the Company's financial statements for the fiscal year ended December 31, 2008.

The "going concern" qualification was included earlier this year based on the need for the Company to repay or restructure its then-outstanding loan from Goldman Sachs Specialty Lending Holdings, Inc., as a result of the cessation of royalties from sales of RAPTIVA due to an unexpected withdrawal of RAPTIVA from the market in the first half of 2009. Today, the Company filed updated audited financial statements for the fiscal year ended December 31, 2008 along with the updated report of Ernst & Young with the Securities and Exchange Commission with a current report on Form 8-K.

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