Market Overview

XOMA Announces Pricing of $40.0 Million Public Offering of Common Stock

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BERKELEY, Calif., Oct. 24, 2012 (GLOBE NEWSWIRE) -- XOMA Corporation (Nasdaq: XOMA) announced today the pricing of 13,333,333 shares of its common stock at a price to the public of $3.00 per share. In addition, XOMA has granted the underwriters a 30-day option to purchase up to an additional 1,999,999 shares of common stock on the same terms and conditions, solely to cover over-allotments, if any. The shares will be issued pursuant to a prospectus supplement filed as part of a shelf registration statement previously filed with the Securities and Exchange Commission (SEC) on Form S-3. XOMA anticipates its aggregate net proceeds from the offering will be approximately $36.9 million after deducting the underwriting discount and estimated offering expenses payable by XOMA. The offering is expected to close on or about October 29, 2012, subject to customary closing conditions.

Credit Suisse Securities (USA) LLC and Cowen and Company, LLC are acting as joint book-running managers. Wedbush Inc. is acting as a financial advisor to XOMA.

This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release is being issued pursuant to and in accordance with Rule 134 under the Securities Act of 1933, as amended. Any offer, if at all, will be made only by means of a prospectus supplement and accompanying prospectus forming a part of the effective registration statement. Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from Credit Suisse Securities (USA) LLC, Attention: Credit Suisse Prospectus Department, One Madison Avenue, New York, NY 10010; tel: 1-800-221-1037, or from Cowen and Company, LLC c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, Phone: 631-274-2806, Fax: 631-254-7140. XOMA intends to file a final prospectus supplement relating to the offering with the SEC, which will be available along with the accompanying prospectus filed with the SEC in connection with the shelf registration, on the SEC's website at http://www.sec.gov/.

About XOMA

XOMA discovers and develops innovative antibody therapeutics.

The XOMA Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5960

Forward-Looking Statements

The statements contained herein concerning XOMA's expectations regarding the completion, size and terms of the proposed public offering and the anticipated net proceeds from the offering are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions that may not prove accurate. Actual results could differ materially from those anticipated due to certain risks, including the proposed offering is subject to the satisfaction of customary closing conditions. There can be no assurance that XOMA will be able to complete the public offering on the anticipated terms, or at all. Risks and uncertainties relating to XOMA and this offering can be found in the "Risk Factors" section of the preliminary prospectus supplement related to the proposed offering filed with the SEC. XOMA undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in XOMA's expectations.

CONTACT: XOMA Corporation Company and Investor Contact: Ashleigh Barreto 510-204-7482 barreto@xoma.com Juliane Snowden The Oratorium Group, LLC jsnowden@oratoriumgroup.com Media Contact: Canale Communications Carolyn Hawley 619-849-5375 carolyn@canalecomm.com

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