OXiGENE REPORTS THIRD QUARTER 2007 RESULTS, CLINICAL AND CORPORATE HIGHLIGHTS
WALTHAM, Mass.--(BUSINESS WIRE)--Nov. 1, 2007--OXiGENE, Inc.
(NASDAQ: OXGN, XSSE: OXGN), a clinical-stage biopharmaceutical company
developing novel therapeutics to treat cancer and eye diseases,
reported financial results for the third quarter and nine months ended
September 30, 2007, and summarized clinical and corporate progress
during the third quarter.
Financial Results
The net loss for the three months ended September 30, 2007, was
$5.3 million, or $0.19 per share, compared with a net loss of $3.7
million, or $0.14 per share, in the third quarter of 2006.
For the nine-month period ended September 30, 2007, the net loss
was $14.6 million, or $0.52 per share, compared with a net loss of
$12.1 million, or $0.44 per share, for the comparable period in 2006.
At September 30, 2007, OXiGENE had cash, cash equivalents and
marketable securities of approximately $33.2 million compared with
approximately $45.8 million at December 31, 2006."During the quarter, we made excellent progress in all of our drug
development programs and, with the addition of Dr. Pat Walicke as
Chief Medical Officer, further strengthened our management team and
drug development capabilities," commented OXiGENE President and Chief
Executive Officer Dr. Richard Chin. "In addition, concluding one or
more partnership transactions is a high priority for the company, and
we are aggressively pursuing this goal. I am pleased that our product
candidates are attracting substantial interest from prospective
partners. We continue to focus on executing our plan, and advancing
our product pipeline and business initiatives toward key
value-inflection points."
Clinical Highlights
-- Initiated and began enrolling patients in the pivotal
registration study for ZYBRESTAT(TM) as a potential treatment
for anaplastic thyroid cancer (ATC). The study is being
conducted under a Special Protocol Assessment agreement with
the U.S. Food and Drug Administration (FDA);
-- Reported at two scientific meetings positive interim data from
an ongoing Phase Ib ZYBRESTAT(TM) plus AVASTIN(R),
chemotherapy-free, combination study in patients with advanced
solid tumors;
-- Reported interim data from an ongoing Phase I trial of
OXi4503, a dual-mechanism VDA, being conducted in patients
with advanced solid tumors;
-- Announced multiple preclinical publications supporting the
mechanism and activity of both ZYBRESTAT and OXi4503.
Corporate Developments
-- Patricia Walicke, M.D., Ph.D., joined the company as Chief
Medical Officer, overseeing all drug development programs.
About OXiGENE, Inc.
OXiGENE is a clinical-stage biopharmaceutical company developing
novel therapeutics to treat cancer and eye diseases. The company's
major focus is developing vascular disrupting agents (VDAs) that
selectively disrupt abnormal blood vessels associated with solid tumor
progression and visual impairment. OXiGENE is dedicated to leveraging
its intellectual property and therapeutic development expertise to
bring life-extending and -enhancing medicines to patients.
Safe Harbor Statement
Certain statements in this news release concerning OXiGENE's
business are considered "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements include, but are not limited to the timing, success or
advancement of OXiGENE's ongoing preclinical research and clinical
trials. Any or all of the forward-looking statements in this press
release may turn out to be wrong. They can be affected by inaccurate
assumptions OXiGENE might make or by known or unknown risks and
uncertainties, including, but not limited to: the early stage of
product development; the ability to secure necessary patents;
uncertainties as to the future success of ongoing and planned clinical
trials; and the unproven safety and efficacy of products under
development. Consequently, no forward-looking statement can be
guaranteed, and actual results may vary materially. Additional
information concerning factors that could cause actual results to
materially differ from those in the forward-looking statements is
contained in OXiGENE's reports to the Securities and Exchange
Commission, including OXiGENE's reports on Form 10-Q, 8-K and 10-K.
However, OXiGENE undertakes no obligation to publicly update
forward-looking statements, whether because of new information, future
events or otherwise.
AVASTIN(R) is a registered trademark of Genentech, Inc.
(Tables to follow)
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OXiGENE, Inc.
Condensed Balance Sheets
(All amounts in 000's)
(Unaudited)
September 30, December 31,
2007 2006
------------- ------------
Assets
Cash, cash equivalents and marketable
securities $33,176 $45,839
Licensing agreement 703 777
Other assets 1,613 1,026
------------- ------------
Total assets $35,492 $47,642
============= ============
Liabilities and stockholders' equity
Accounts payable and accrued liabilities $4,954 $4,222
Total stockholders' equity 30,538 43,420 ------------- ------------
Total liabilities and stockholders'
equity $35,492 $47,642
============= ============
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OXiGENE, Inc.
Condensed Statements of Operations
(All amounts in 000's except per share amounts)
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
------------------ -------------------
2007 2006 2007 2006
--------- -------- --------- ---------
License revenue $- $- $7 $-
Costs and expenses:
Research and development 3,745 2,738 9,636 8,333
General and administrative 1,984 1,626 6,488 5,585
--------- -------- --------- ---------
Total costs and expenses: 5,729 4,364 16,124 13,918
Operating loss (5,729) (4,364) (16,117) (13,918)
--------- -------- --------- ---------
Investment income 467 642 1,562 1,892
Other expense, net (13) (8) (37) (36)
--------- -------- --------- ---------
Net loss $(5,275) $(3,730) $(14,592) $(12,062)
========= ======== ========= =========
Basic and diluted net loss per
common share $(0.19) $(0.14) $(0.52) $(0.44)
Weighted average number of
common shares outstanding 27,938 27,624 27,896 27,553
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OXiGENE, Inc.
Investor Relations
Shari Annes, 650-888-0902
sannes@oxigene.com
OXiGENE REPORTS THIRD QUARTER 2007 RESULTS, CLINICAL AND CORPORATE HIGHLIGHTS
| Source: Oxigene, Inc.
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