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OXiGENE Reports Full Year 2012 Financial Results

Stocks in this article: OXGN

SOUTH SAN FRANCISCO, Calif., March 12, 2013 (GLOBE NEWSWIRE) -- OXiGENE, Inc. (Nasdaq:OXGN), a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer, reported financial results for the year ended December 31, 2012.

Financial Results

For the year ended December 31, 2012, the Company reported a net loss of $8.1 million or $5.48 per share, compared with a net loss of $9.7 million or $10.37 per share for fiscal year 2011. The difference in results between the years was due primarily to a reduction of $1.8 million in research and development expenses and $0.7 million in general and administrative expenses in 2012 compared to 2011 and a restructuring charge of $1.2 million in 2011. These reductions in expenses were partially offset by a non-cash gain of $2.2 million in 2011 resulting from a change in the fair value of warrants. Additionally, the 2012 period includes $156,000 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 allocate the Company's resources more effectively as it pursues the advancement of its highest-value clinical assets.

At December 31, 2012, OXiGENE had cash and restricted cash of approximately $5.0 million, compared with approximately $10.0 million at December 31, 2011. During the year ended December 31, 2012 the Company issued approximately 294,000 shares of common stock to Lincoln Park Capital under the terms of the November 2011 purchase agreement for net proceeds of approximately $2.0 million and 178,000 shares of common stock through the Company's "At the Market" agreement (ATM) with MLV & Co. LLC for net proceeds of approximately $1.3 million. Additionally, the Company issued 304,000 shares of common stock through the ATM agreement for gross proceeds of approximately $1.5 million in January and February of 2013.

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