OXiGENE Reports Third Quarter 2010 Financial Results

SOUTH SAN FRANCISCO, Calif., Nov. 4, 2010 (GLOBE NEWSWIRE) -- OXiGENE, Inc., (Nasdaq:OXGN), a clinical-stage, biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases, reported financial results for the quarter and nine months ended September 30, 2010, and presented an update on recent clinical and corporate progress.

"An important highlight of the third quarter of 2010 was the presentation of additional highly encouraging data from the FACT trial about the safety and activity of ZYBRESTAT™ as a potential treatment for anaplastic thyroid cancer. These data included results showing improvement in overall survival and meaningful survival benefit in multiple subgroups of patients, including patients who were heavily pretreated with surgery, radiation or chemotherapy as well as patients younger than 60 years of age," said Peter J. Langecker, M.D., Ph.D., OXiGENE's Chief Executive Officer. "For the remainder of 2010, we will remain focused on three key areas of our business: financing our operations, working to establish strategic partnerships and pursuing guidance from the FDA based on our analysis of the FACT trial as well as the outcomes of our other clinical programs. We are pleased with the progress of our clinical programs and look forward to achieving additional milestones that have the potential to add significant value to these programs."

Upcoming milestones in 2010 include the presentation of further data from the Company's Phase 2 FALCON trial of ZYBRESTAT in non-small cell lung cancer at the AACR/NCI/EORTC Meeting in November.

Financial Results

The Company reported a consolidated net loss for the three-month period ended September 30, 2010 of $13.5 million compared to a consolidated net loss of $6.9 million for the same three-month period of 2009. The difference in results for the comparable three-month periods was due to the non-cash change in fair value of warrants and other financial instruments going from a gain in the 2009 three month period of $0.8 million to a loss in the 2010 three month period of $9.9 million, partially offset by a reduction in total costs and expenses from $7.7 million in the 2009 period to $3.6 million in the 2010 period, a change of $4.1 million.