XOMA to automatically convert all $2.5 million convertibles

By Jennifer Chiou

New York, March 7 - XOMA Ltd. announced that it elected to automatically convert all $2.5 million of its convertible SNAPs due 2012 into common shares.

The Berkeley, Calif.-based pharmaceutical company said it expects to issue 1.4 million shares, including about 100,000 shares to be issued in payment of a portion of the additional interest provided for in the note indenture.

The company added it will pay about $300,000 in cash to cover the remaining portion of additional interest.

XOMA said that the automatic conversion will take effect on March 27.

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