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OXiGENE Reports Second Quarter 2012 Financial Results

SOUTH SAN FRANCISCO, Calif., Aug. 8, 2012 (GLOBE NEWSWIRE) -- OXiGENE, Inc. (Nasdaq:OXGN), a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer, reported financial results for the quarter and six months ending June 30, 2012.

For the three months ended June 30, 2012, the Company reported a net loss of $2.3 million or $0.14 per share, compared with a net loss of $2.9 million or $0.32 per share for the three-month period in 2011. The decrease in the net loss in 2012 as compared to 2011 was primarily due to a reduction in research and development expenses of $0.4 million and a reduction in general and administrative expenses of $0.2 million.

For the six months ended June 30, 2012, the Company reported a net loss of $4.2 million or $0.26 per share, compared with a net loss of $3.8 million or $0.49 per share for the six-month period in 2011. The difference in results for the comparable six-month periods was due to a non-cash gain resulting from the change in fair value of warrants in the 2011 period of $2.2 million partially offset primarily by a reduction of $1.5 million in research and development expenses from the 2011 period to the 2012 period. Additionally, the 2012 period includes $0.1 million in revenue recognized under the terms of the Company's partnership agreement with Azanta Danmark A/S, entered into in December 2011, to provide access to ZYBRESTAT® for the treatment of patients with anaplastic thyroid cancer (ATC) on a compassionate use basis in Europe and Canada.

The decrease in operating expenses in the 2012 period was primarily the result of the conclusion of a number of the Company's clinical projects and restructuring plans implemented in 2011 in order to focus the Company's resources on pursuing the advancement of its highest-value clinical assets and to reduce its cash utilization.

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