OXiGENE Reports Second Quarter 2008 Results
WALTHAM, Mass., Aug. 4, 2008 (PRIME 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 June 30, 2008 and presented an update on recent clinical and
corporate progress.
Financial Results
The Company reported a net loss for the second quarter of 2008 of $7.0 million,
or $0.25 per share, compared with a net loss of $5.4 million, or $0.19 per
share, for the same period in 2007.
For the six-month period ended June 30, 2008, the net loss was $12.5 million, or
$0.44 per share, compared to a net loss of $9.3 million, or $0.33 per share, for
the comparable period in 2007.
The increase in loss for both the three and six month periods was driven
primarily by a higher level of clinical development activities, including the
continued enrollment of both the ZYBRESTAT(tm) (fosbretabulin) pivotal
registration trial in anaplastic thyroid cancer (ATC) and the Phase II trial of
ZYBRESTAT in combination with standard chemotherapy and bevacizumab for the
treatment of Non-Small Cell Lung Cancer, as well as the management of other
ongoing clinical trials and drug development activities.
At June 30, 2008, OXiGENE had cash, cash equivalents and marketable securities
of approximately $18.3 million compared with approximately $28.4 million on
December 31, 2007.
"The second quarter of 2008 was a period of steady advancement for each of our
programs, as well as our corporate and business development initiatives,"
commented Richard Chin, OXiGENE's President and CEO. "Vascular disrupting agents
in general, and ZYBRESTAT in particular, are receiving increasing attention as
the next generation of anti-vascular therapies for cancer and diseases involving
neovascularization of the eye."
Clinical Highlights / Update
* In May, at the 11th International Workshop on the Tumor
Microenvironment, Hypoxia, Angiogenesis and Vasculature, the Company
presented previously announced results from topical-route, ocular
penetration studies in primates and rabbits. This was the first
formal presentation of the previously-announced data from these
studies.
* At the 2008 American Society of Clinical Oncology (ASCO) annual
meeting, the company reported data from a phase I study of ZYBRESTAT
(fosbretabulin) and bevacizumab in subjects with advanced solid
tumors. The study found that the combination appears safe and
well-tolerated, and shows signs of clinical activity.
* At the 2008 ASCO meeting, the company reported data from an ongoing
Phase I study of vascular disrupting agent OXi4503 in patients with
advanced solid tumors. The study found that the drug appears well
tolerated, and shows evidence of both clinical and functional
imaging activity.
Members of OXiGENE's management team will review first quarter results via a
webcast and conference call today at 2:00 p.m. EDT (11:00 a.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 "Investor Center" tab, select the
link to "Presentations & Conference Calls."
OXiGENE's earnings conference call can also be heard live by dialing (888)
208-1507 in the United States and Canada, and (913) 312-0402 for international
callers, five minutes prior to the beginning of the call. A replay will be
available starting at 5:00 p.m. EDT (2:00 p.m. PDT) on August 4, 2008 and ending
at 5:00 p.m. EDT (2:00 p.m. PDT) on Monday, August 11, 2008. To access the
replay, please dial (888) 203-1112 if calling from the United States or Canada,
or (719) 457-0820 from international locations. Please refer to replay pass code
6113741.
About ZYBRESTAT (fosbretabulin)
ZYBRESTAT is currently being evaluated in a pivotal registration study in ATC
under a Special Protocol Assessment agreement with the U.S. Food and Drug
Administration (FDA). OXiGENE believes that ZYBRESTAT is poised to become the
first therapeutic 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 studies 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.
In clinical studies in patients with forms of macular degeneration,
intravenously-administered ZYBRESTAT has demonstrated clinical activity, and the
Company is working to develop a convenient and patient-friendly topical
formulation of ZYBRESTAT for ophthalmological indications.
About OXi4503
OXi4503 (combretastatin A1 di-phosphate / CA1P) is a dual-mechanism VDA that is
being developed in clinical studies for the treatment of solid and liquid
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 indicates
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 I dose-escalation clinical trial in
patients with advanced solid tumors.
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 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 -enhancing medicines to patients.
The OXiGENE, Inc. logo is available at
http://www.primenewswire.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 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, enrollment rate for patients in the ZYBRESTAT pivotal trial for
anaplastic thyroid cancer, interim analysis of the same, timing of the IND
filing and Phase I trial initiation for topical ZYBRESTAT, timing of a Phase II
clinical trial of ZYBRESTAT and bevacizumab in NSCLC, timing or execution of a
strategic collaboration on any product or indication, and cash utilization rate
for 2008. 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, 2007.
OXiGENE, Inc.
Condensed Balance Sheets
(All amounts in 000's)
(Unaudited)
June 30, Dec. 31,
2008 2007
-------- --------
Assets
Cash, cash equivalents and marketable
securities $ 18,273 $ 28,438
Licensing agreement 630 679
Other assets 1,125 947
-------- --------
Total assets $ 20,028 $ 30,064
======== ========
Liabilities and stockholders' equity
Accounts payable and accrued liabilities $ 6,131 $ 5,207
Total stockholders' equity 13,897 24,857
-------- --------
Total liabilities and stockholders' equity $ 20,028 $ 30,064
======== ========
OXiGENE, Inc.
Condensed Statements of Operations
(All amounts in 000's except per share amounts)
(Unaudited)
Three months ended Six months ended
-------------------- --------------------
June 30, June 30,
-------------------- --------------------
2008 2007 2008 2007
-------- -------- -------- --------
License revenue $ -- $ 7 $ -- $ 7
Costs and expenses:
Research and
development 5,176 3,502 8,865 5,891
General and
administrative 2,023 2,380 4,070 4,504
-------- -------- -------- --------
Total costs and
expenses: 7,199 5,882 12,935 10,395
Operating loss (7,199) (5,875) (12,935) (10,388)
-------- -------- -------- --------
Investment income 158 523 445 1,094
Other (expense)
income, net (7) (17) (2) (24)
-------- -------- -------- --------
Net loss $ (7,048) $ (5,369) $(12,492) $ (9,318)
======== ======== ======== ========
Basic and diluted
net loss per common
share $ (0.25) $ (0.19) $ (0.44) $ (0.33)
Weighted average
number of common
shares outstanding 28,258 27,875 28,164 27,875
CONTACT: OXiGENE, Inc.
Investor and Media Contact:
Investor Relations
Michelle Edwards
415-315-9413
medwards@oxigene.com
OXiGENE Reports Second Quarter 2008 Results
| Source: Oxigene, Inc.