Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
VAN NESS W DENMAN
   2. Issuer Name and Ticker or Trading Symbol
XOMA LTD /DE/ [XOMA] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O XOMA LTD., 2910 SEVENTH STREET		 3. Date of Earliest Transaction (Month/Day/Year)
08/07/2008
(Street)

BERKELEY, CA 94710		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Share Option (right to buy) $ 1.41 08/07/2008   D(1)     10,000 05/19/2005 05/19/2015 Common Shares 10,000 $ 0 0 D  
Non-Qualified Share Option (right to buy) $ 1.7 08/07/2008   D(1)     10,000 05/23/2006 05/23/2016 Common Shares 10,000 $ 0 0 D  
Non-Qualified Share Option (right to buy) $ 2.1 08/07/2008   D(1)     25,000 05/13/2008 05/13/2018 Common Shares 25,000 $ 0 0 D  
Non-Qualified Share Option (right to buy) $ 2.71 08/07/2008   D(1)     125,000 02/21/2008 02/21/2018 Common Shares 125,000 $ 0 0 D  
Non-Qualified Share Option (right to buy) $ 3.42 08/07/2008   D(1)     12,000 05/22/2007 05/22/2017 Common Shares 12,000 $ 0 0 D  
Non-Qualified Share Option (right to buy) $ 3.84 08/07/2008   D(1)     10,000 05/19/2004 05/19/2014 Common Shares 10,000 $ 0 0 D  
Non-Qualified Share Option (right to buy) $ 4.37 08/07/2008   D(1)     7,500 05/29/2002 05/29/2012 Common Shares 7,500 $ 0 0 D  
Non-Qualified Share Option (right to buy) $ 5.7 08/07/2008   D(1)     7,500 05/21/2003 05/21/2013 Common Shares 7,500 $ 0 0 D  
Non-Qualified Share Option (right to buy) $ 12.99 08/07/2008   D(1)     7,500 05/30/2011 05/30/2011 Common Shares 7,500 $ 0 0 D  
Non-Qualified Share Option (right to buy) $ 1.41 08/07/2008   A(2)   10,000   05/19/2005 05/19/2015 Common Shares 10,000 $ 0 10,000 I by Trust
Non-Qualified Share Option (right to buy) $ 1.7 08/07/2008   A(2)   10,000   05/23/2006 05/23/2016 Common Shares 10,000 $ 0 10,000 I by Trust
Non-Qualified Share Option (right to buy) $ 2.1 08/07/2008   A(2)   25,000   05/13/2008 05/13/2018 Common Shares 25,000 $ 0 25,000 I by Trust
Non-Qualified Share Option (right to buy) $ 2.71 08/07/2008   A(2)   125,000   02/21/2008 02/21/2018 Common Shares 125,000 $ 0 125,000 I by Trust
Non-Qualified Share Option (right to buy) $ 3.42 08/07/2008   A(2)   12,000   05/22/2007 05/22/2017 Common Shares 12,000 $ 0 12,000 I by Trust
Non-Qualified Share Option (right to buy) $ 3.84 08/07/2008   A(2)   10,000   05/19/2004 05/19/2014 Common Shares 10,000 $ 0 10,000 I by Trust
Non-Qualified Share Option (right to buy) $ 4.37 08/07/2008   A(2)   7,500   05/29/2002 05/29/2012 Common Shares 7,500 $ 0 7,500 I by Trust
Non-Qualified Share Option (right to buy) $ 5.7 08/07/2008   A(2)   7,500   05/21/2003 05/21/2003 Common Shares 7,500 $ 0 7,500 I by Trust
Non-Qualified Share Option (right to buy) $ 12.99 08/07/2008   A(2)   7,500   05/30/2001 05/31/2011 Common Shares 7,500 $ 0 7,500 I by Trust

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
VAN NESS W DENMAN
C/O XOMA LTD.
2910 SEVENTH STREET
BERKELEY, CA 94710		   X      

Signatures

 By: Christopher J. Margolin For: W. Denman Van Ness   08/11/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) This transaction represents the disposition of the fully vested option pursuant to the transfer of said option from Mr. Van Ness to "The Van Ness 1983 Revocable Trust".
(2) This transaction represents the acquisition of the fully vested option by the "The Van Ness 1983 Revocable Trust" pursuant to the transfer of said option from Mr. Van Ness to "The Van Ness 1983 Revocable Trust".

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