SOUTH SAN FRANCISCO, Calif., May 11, 2010 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN) (Stockholm:OXGN), a clinical-stage, biopharmaceutical company
developing novel therapeutics to treat cancer and eye diseases, reported
financial results for the quarter ended March 31, 2010, and presented an update
on recent clinical and corporate progress.
Financial Results
The Company reported a consolidated net loss for the first quarter of 2010 of $
11.0 million compared with $6.6 million for the same three month period of
2009. In the three month period ended March 31, 2009, the consolidated net loss
of $6.6 million included a loss attributed to the Symphony ViDA non-controlling
interest of approximately $1.0 million. The net loss attributed to OXiGENE,
Inc. for the first quarter of 2010 was $ 11.0 million, or $0.17 per share,
compared with a net loss attributed to OXiGENE, Inc. of $5.6 million, or $0.12
per share, for the same period in 2009.
On a consolidated net loss basis, a decrease in research and development
expenses of approximately $0.7 million for the 2010 three month period compared
to the same three month period of 2009, was offset by a non-recurring
restructuring charge of approximately $0.5 million in the first quarter of 2010
in connection with OXiGENE's efforts to focus its resources on its
highest-value clinical assets and reduce its cash utilization and an increase
in the fair value of warrants resulting in a non-cash, non-operating loss of
approximately $4.6 million in the three month period ended March 31, 2010.
At March 31, 2010, OXiGENE had consolidated cash and cash equivalents of
approximately $14.2 million compared with approximately $14.1 million at
December 31, 2009.
"In the first quarter, OXiGENE made good progress toward our goals of
strengthening our company, focusing clinical resources on our most promising
product candidates, reducing cash utilization and extending our cash runway,"
said Peter J. Langecker, M.D., Ph.D., OXiGENE's Chief Executive Officer. "We
look forward with enthusiasm to presenting data on our high-priority clinical
programs at the American Society of Clinical Oncology (ASCO) annual meeting,
including safety and efficacy data from our Phase 2 trial of ZYBRESTAT™ in
non-small cell lung cancer (NSCLC) and data from our Phase 1b trial of OXi4503
in solid tumors. We believe that today OXiGENE has a strong pipeline and a
competitive position in the field of vascular disrupting agents in cancer, and
we are the only company clinically evaluating a vascular disrupting agent in an
ophthalmologic indication. We anticipate multiple value-creating opportunities
in 2010, including the potential to establish industry partnerships that will
enhance our ability to deliver on the promise of our programs."
Corporate Highlights
* In February, the Company announced the streamlining of its operations in
order to focus more closely on advancing its high-priority programs, including
the Phase 2 FALCON trial of ZYBRESTAT in patients with non-small cell lung
cancer and second-generation OXi4503 program in solid tumors. Enrollment in the
FACT trial in anaplastic thyroid cancer (ATC) was discontinued and an
event-driven analysis based on 80 patients enrolled to date is anticipated by
the end of 2010 or early 2011.
* In March, the Company announced its entry into a definitive agreement with
certain institutional investors to raise approximately $7.5 million, which
includes the potential for additional capital should the warrants issued in
conjunction with the deal be exercised. The net proceeds from the offering will
be used to fund development of OXiGENE's high-priority oncology programs and to
continue its programs in ATC and in ophthalmology.
* In April, the Company appointed Tamar Howson and Peter Langecker to OXiGENE's
Board of Directors. Ms. Howson brings considerable pharmaceutical business
development and licensing expertise to the OXiGENE Board.
* Upcoming highlights in the second quarter include the presentation of FALCON
data and OXi4503 Phase 1 data at the ASCO annual meeting in June.
Conference Call Today
Members of OXiGENE's management team will review first quarter results via a
webcast and conference call today at 4:30 p.m. EDT (1:30 p.m. PDT). To listen
to a live or an archived version of the audio webcast, please log on to the
Company's website, www.oxigene.com. Under the "Investors" tab, select the link
to "Events and Presentations."
OXiGENE's earnings conference call can also be heard live by dialing (888)
841-3431 in the United States and Canada, and +1 (678) 809-1060 for
international callers, five minutes prior to the beginning of the call. A
replay will be available starting at 7:30 p.m. EDT, (4:30 p.m. PDT) on May 11,
2010 and ending at midnight EDT (9:00 p.m. PDT) on Tuesday, May 25, 2010. To
access the replay, please dial (800) 642-1687 if calling from the United States
or Canada, or +1 (706) 645-9291 from international locations. Please refer to
replay pass code 73237663.
About ZYBRESTAT (fosbretabulin)
ZYBRESTAT is being evaluated in a Phase 2 study of patients with non-small cell
lung cancer and other clinical trials. OXiGENE believes that ZYBRESTAT is
poised to become an important product in a novel class of small-molecule drug
candidates called vascular disrupting agents (VDAs). Through interaction with
vascular endothelial cell cytoskeletal proteins, ZYBRESTAT selectively targets
and collapses tumor vasculature, thereby depriving the tumor of oxygen and
causing death of tumor cells. In clinical trials in solid tumors, ZYBRESTAT has
demonstrated potent and selective activity against tumor vasculature, as well
as clinical activity against ATC, ovarian cancer and various other solid
tumors.
About OXi4503
OXi4503 (combretastatin A1 di-phosphate / CA1P) is a dual-mechanism vascular
disrupting agent (VDA) that is being developed in clinical trials for the
treatment of solid tumors. Like its structural analog, ZYBRESTAT(TM)
(fosbretabulin / CA4P), OXi4503 has been observed to block and destroy tumor
vasculature, resulting in extensive tumor cell death and necrosis. In addition,
preclinical data indicate that OXi4503 is metabolized by oxidative enzymes
(e.g., tyrosinase and peroxidases), which are elevated in many solid tumors and
tumor white blood cell infiltrates, to an orthoquinone chemical species that
has direct cytotoxic effects on tumor cells. Preclinical studies have shown
that OXi4503 has (i) single-agent activity against a range of xenograft tumor
models; and (ii) synergistic or additive effects when incorporated in various
combination regimens with chemotherapy, molecularly-targeted therapies
(including tumor-angiogenesis inhibitors), and radiation therapy. OXi4503 is
currently being evaluated as a monotherapy in a Phase 1 dose-escalation trial
in patients with advanced solid tumors and in patients with hepatic tumor
burden.
About OXiGENE
OXiGENE is a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer and eye diseases. The Company's major focus is
developing vascular disrupting agents (VDAs) that selectively disrupt abnormal
blood vessels associated with solid tumor progression and visual impairment.
OXiGENE is dedicated to leveraging its intellectual property and therapeutic
development expertise to bring life-extending and life-enhancing medicines to
patients.
The OXiGENE, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4969
Safe Harbor Statement
This news release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Any or all of the
forward-looking statements in this press release, which include OXiGENE's
anticipated cash utilization, expected initiation, progress, conclusion and
reporting on clinical studies and availability of potential strategic
collaborations may turn out to be wrong. Forward-looking statements can be
affected by inaccurate assumptions OXiGENE might make or by known or unknown
risks and uncertainties, including, but not limited to, timing of reporting
interim and final data from the Phase 2 clinical trial of ZYBRESTAT in NSCLC,
timing of reporting data from the Phase 2/3 clinical trial of ZYBRESTAT in ATC,
timing of reporting final results from the ongoing Cancer Research United
Kingdom sponsored Phase 1 clinical trial of OXi4503 in patients with advanced
solid tumors and timing or execution of a potential strategic collaboration on
any product or indication or any other strategic or financing transaction.
Additional information concerning factors that could cause actual results to
materially differ from those in the forward-looking statements is contained in
OXiGENE's reports to the Securities and Exchange Commission, including
OXiGENE's reports on Form 10-K, 10-Q and 8-K. However, OXiGENE undertakes no
obligation to publicly update forward-looking statements, whether because of
new information, future events or otherwise. Please refer to our Annual Report
on Form 10-K for the fiscal year ended December 31, 2009.
OXiGENE, Inc.
Condensed Consolidated
Balance Sheets
(All amounts in 000's)
(Unaudited)
March 31, December
2010 31, 2009
--------- ---------
Assets
Cash and cash equivalents $ 14,154 $ 14,072
Prepaid expenses 767 752
License agreement 460 484
Other assets 352 309
--------- ---------
Total assets $ 15,733 $ 15,617
========= =========
Liabilities and stockholders'
equity
Accounts payable and
accrued liabilities $ 7,136 $ 7,618
Derivative liabilities 14,372 2,200
Total stockholders' equity (5,775) 5,799
--------- ---------
Total liabilities and
stockholders' equity $ 15,733 $ 15,617
========= =========
OXiGENE, Inc.
Condensed Consolidated Statements of
Operations
(All amounts in 000's except per
share amounts)
(Unaudited)
Three months ended
March 31,
-----------------------
2010 2009
----------- ----------
Costs and expenses:
Research and development $ 4,185 $ 4,925
General and administrative 1,703 1,708
Restructuring 510 --
----------- ----------
Total costs and expenses 6,398 6,633
Operating loss (6,398) (6,633)
----------- ----------
Change in fair value of
warrants (4,633) (8)
Investment income 7 52
Other (expense) income, net (4) 14
----------- ----------
Consolidated net loss $ (11,028) $ (6,575)
=========== ==========
Loss attributed to non
controlling interest -- (1,023)
Net loss attributed to OXiGENE
Inc. $ (11,028) $ (5,552)
----------- ----------
Basic and diluted net loss per
common share $ (0.17) $ (0.12)
Weighted average number of
common shares outstanding 64,441 46,008
CONTACT: OXiGENE, Inc.
Investor and Media Contact:
Michelle Edwards, Investor Relations
650-635-7006
medwards@oxigene.com
OXiGENE Reports First Quarter 2010 Financial Results
| Source: Oxigene, Inc.
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