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Xoma shares fall on larger-than-expected 1Q loss

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May 12, 2008

BERKELEY, Calif.—Shares of Xoma Ltd. fell Monday after the biotechnology company's first-quarter loss came in above Wall Street expectations.

In morning trading, Xoma shares gave up 22 cents, or 9.5 percent, to $2.10.

For the three months ended March 31, Xoma posted a loss of $14.2 million, or 11 cents per share, compared with a loss of $15.9 million, or 14 cents, in the year-ago period.

Revenue slipped about 2 percent to $12.1 million from $12.3 million in the prior-year period.

The results fell short of the average estimate of analysts surveyed by Thomson Financial, who forecast a loss of 11 cents per share on revenue of $16.4 million.

The company said the loss was driven by increased research and development spending, as well as personnel-related costs.

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