At June 30, 2012, OXiGENE had cash and restricted cash of approximately $6.9 million, compared with approximately $10.0 million at December 31, 2011. During the six months ended June 30, 2012 the Company issued approximately 2.4 million shares of common stock to Lincoln Park Capital under the terms of the November 2011 purchase agreement, resulting in aggregate proceeds of approximately $1.7 million.
Commented Peter Langecker, M.D., PhD., President and Chief Executive Officer: "During the second quarter, we continued to pursue activities designed to advance our lead ZYBRESTAT clinical programs, including ongoing discussions with the FDA concerning a special protocol assessment for a registration program in ATC and supporting the Phase 2 trial in platinum-sensitive ovarian cancer being conducted by the Gynecologic Oncology Group. Our intention is to continue to seek financing through collaborations and other opportunities that can enable us to move our programs forward and demonstrate the potential valuable contribution that vascular disrupting agents can play in anticancer therapeutic regimens."
The Company will not be conducting a conference call for the second quarter 2012 financial results.
About OXiGENEOXiGENE is a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer. The Company's major focus is developing vascular disrupting agents (VDAs) that selectively disrupt abnormal blood vessels associated with solid tumor progression. 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 the timing of advancement, outcomes, and regulatory guidance relative to our clinical programs, and the achievement of our business and financing objectives 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, the inherent risks of drug development and regulatory review, and the availability of additional financing to continue development of our programs.
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