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OXiGENE Reports Second Quarter 2013 Financial Results

Stocks in this article: OXGN

SOUTH SAN FRANCISCO, Calif., Aug. 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 June 30, 2013.

Commented Peter Langecker, M.D., Ph.D., OXiGENE Chief Executive Officer: "I am pleased to report that OXiGENE made strong progress during the second quarter, including completing an important financing in April, and continued to advance development of our lead clinical product, ZYBRESTAT®, in both ovarian and anaplastic thyroid cancer, or ATC, working in close collaboration with outside research groups and partners. We believe this development strategy represents the most expeditious route to value creation for our Company, while also safeguarding our cash reserves and enabling us to operate efficiently and cost-effectively. We are especially looking forward to seeing the results of the Phase II trial of ZYBRESTAT® in patients with ovarian cancer, which is being conducted by the Gynecologic Oncology Group, or GOG, which we anticipate in the first half of 2014. "

An interim futility analysis of the Phase II trial being conducted by the GOG was performed in the second quarter of 2013. The original purpose of the analysis was to consider early study closure to limit patient exposure in the event that the experimental regimen was deemed futile (i.e., unlikely to be declared more effective than the reference regimen at the end of the study). Since the study had completed patient accrual, the analysis was conducted for possible study termination due primarily to toxicities. It was confirmed that the trial is going to continue to its pre-specified endpoint, which is based on progression-free survival.

For the three months ended June 30, 2013, the Company reported a net loss of $1.7 million or $0.74 per share, compared to a net loss of $2.3 million or $1.65 per share for the comparable three-month period in 2012. The decrease in the net loss in 2013 as compared to 2012 was primarily due to a reduction in research and development expenses of $0.5 million and a reduction in general and administrative expenses of $0.1 million.

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