XOMA Corporation announced that Jim Neal has resigned as a director of the company effective January 1, 2023. The Board of Directors has appointed Owen Hughes as Executive Chairman of the Board and Brad Sitko as company's Chief Investment Officer. Mr. Hughes is the Chief Executive Officer of Sail Bio Inc. His operational experience includes prior roles as Chief Executive Officer, Co-Founder, and member of the Board of Directors of Cullinan Oncology and as Chief Business Officer and Head of Corporate Development at Intarcia Therapeutics Inc. Mr. Hughes also brings 15 years in healthcare finance experience to XOMA, including roles as Director at Bain Capital, LP, and Portfolio Manager at Pyramis Global Advisors LLC, a Fidelity Investments Company.

He currently serves as the Chairman of the Board of Directors of Ikena Oncology and was the former Chairman of Radius Health and Lead Independent Director of Translate Bio until their sale to Gurnet Point Capital and Sanofi, respectively. Mr. Hughes holds a Bachelor's in History from Dartmouth College. Mr. Sitko joins XOMA from RTW Investments, LP, a leading life sciences investment firm, where, as a Managing Director, he led the firm's royalty transactions.

He also served as a member of the Board of Directors of the firm's ICAV and was the founding Chief Financial Officer of its incubated Shanghai-based biopharma company. Mr. Sitko brings deep expertise in royalty monetizations having been involved with the asset class for over 15 years as an investor, investment banker, and strategy consultant. During his 20-year career in life sciences, Mr. Sitko has served as Vice President, Finance, Operations & Corporate Development at DNAnexus and as Director, Investment Banking at MTS Health Partners.

His biopharma consulting experience includes roles with The Frankel Group /BioDevelopment Ventures and Datamonitor. Mr. Sitko earned a Bachelor's degree from the University of Pennsylvania and an MBA in Finance, Healthcare and Pharmaceutical Management from Columbia Business School. In connection with Mr. Hughes' appointment, James R. Neal resigned as a member of Board and Chairman of the Board, effective as of January 1, 2023.

Mr. Neal's retirement as Chief Executive Officer and resignation as a member of Board and Chairman of the Board were not the result of any disagreement with on any matter relating to operations, policies or practices.