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OXiGENE Reports First Quarter 2013 Financial Results

SOUTH SAN FRANCISCO, Calif., May 6, 2013 (GLOBE NEWSWIRE) -- OXiGENE, Inc. (Nasdaq:OXGN), a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer, reported financial results for the quarter ended March 31, 2013.

Financial Results

For the three months ended March 31, 2013, the Company reported a net loss of $1.9 million or $0.97 per share, compared to a net loss of $1.9 million or $1.44 per share for the three-month period in 2012. The results for both periods were similar, with research and development (R&D) expenses at $0.7 million for both periods and general and administrative expenses slightly lower at $1.1 million for the three months ended March 31, 2013 as compared to $1.3 million in the three-month period in 2012.

Operating expenses continued to decrease in the 2013 period, reflecting the Company's ongoing strategies to reduce expenses and cash utilization following its 2011 restructuring and to focus resources on its high-value programs and defray costs, when possible, through collaborations. Significant drivers of the continued reduction in R&D spending in the 2013 period, and in the 2012 period, included the Company's decisions to redirect the focus of its regulatory strategy for ZYBRESTAT® in anaplastic thyroid cancer (ATC) toward the compassionate use program in Europe being conducted by Azanta A/S, and to pursue registration of ZYBRESTAT in Europe utilizing its current data set; and its decision to advance its clinical program in ovarian cancer by working with collaborators, such as the Gynecologic Oncology Group (GOG) which is conducting a Phase 2 trial of ZYBRESTAT combined with Avastin®.

During the 2013 quarter, the Company issued approximately 323,000 shares of common stock through the Company's At the Market agreement with MLV & Co. LLC for net proceeds of approximately $1.5 million.

At March 31, 2013, OXiGENE had cash and restricted cash of approximately $4.6 million, compared with approximately $5.0 million at December 31, 2012. At April 30, 2013, the Company had cash and restricted cash of approximately $8.7 million which includes the cash received from the private placement financing described below.

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