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OXiGENE Provides Update On Near-Term Corporate Events

SOUTH SAN FRANCISCO, Calif., Feb. 10, 2011 (GLOBE NEWSWIRE) -- OXiGENE, Inc. (Nasdaq:OXGN), a clinical-stage, biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases, today announced an update on three near-term corporate events.

  • The board of directors has voted unanimously to enact a reverse stock split with a 20:1 ratio, following authorization of the reverse split by a shareholder vote on December 21, 2010. The reverse split will be effective as of February 23, 2011. 
  • OXiGENE anticipates receiving a ruling from NASDAQ before the end of February on the Company's requests for an exception through June 13, 2011 to regain compliance with NASDAQ's listing standards and transfer the listing of its common stock to the Nasdaq Capital Market. The Company believes that the reverse stock split will represent a positive contributing factor in NASDAQ's consideration.
  • The Company also announced that the U.S. Food and Drug Administration (FDA) has granted OXiGENE's request for a meeting to discuss the results of the FACT study of ZYBRESTAT as a potential treatment for anaplastic thyroid cancer. The meeting date has been set for March 16, 2011. 

"We believe that the events reported today, as well as our recently announced warrant exchange, further support our overall goal of developing effective solutions to treat cancer and eye diseases," said OXiGENE Chief Executive Officer Peter J. Langecker, M.D., Ph.D. "We look forward to providing additional updates as key events unfold."

OXiGENE expects to provide additional updates on these and other corporate activities in its fourth quarter and full year 2010 financial results press release and on its conference call, the date of which will be announced shortly.

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 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.

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