WALTHAM, Mass., Dec. 9, 2008 (GLOBE NEWSWIRE) -- OXiGENE, Inc. (Nasdaq:OXGN) (XSSE:OXGN), a clinical-stage, biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases, today announced that during a special meeting of stockholders held on December 9, 2008, stockholders approved the proposal to issue additional shares of the Company's common stock to Symphony ViDA Holdings LLC, related to the previously announced formation of Symphony ViDA, Inc. Symphony ViDA was established by OXiGENE and Symphony to develop OXi4503, OXiGENE's dual-mechanism, second-generation vascular disrupting agent (VDA), and topical-route ZYBRESTAT for ophthalmology.
This successful stockholder vote was a condition to the closing of the second issuance of shares pursuant to the strategic collaboration between OXiGENE and Symphony. At the closing of this transaction, which is expected to occur by the end of December 2008, Symphony will exercise the warrant it holds covering 11.3 million shares of the Company's common stock and purchase all shares covered by the warrant at a price of $1.11 per share, resulting in an additional $12.5 million in equity to the Company. OXiGENE anticipates that it will regain compliance with NASDAQ Marketplace Rule 4450(a) (3) upon the closing of the issuance of these shares to Symphony. OXiGENE announced on November 14, 2008, that it had received notification from NASDAQ that as of September 30, 2008, the Company did not comply with the $10,000,000 minimum stockholders' equity requirement for continued listing on the NASDAQ Global Market. Notwithstanding this planned infusion of additional equity, OXiGENE is evaluating additional options to ensure compliance with the listing requirements of NASDAQ, and has submitted a plan to achieve and sustain compliance.
About ZYBRESTAT (fosbretabulin)
ZYBRESTAT is currently being evaluated in a pivotal registration study in anaplastic thyroid cancer (ATC) under a Special Protocol Assessment agreement with the U.S. Food and Drug Administration (FDA). OXiGENE believes that ZYBRESTAT is poised to become the first therapeutic product in a novel class of small-molecule drug candidates called vascular disrupting agents (VDAs). Through interaction with vascular endothelial cell cytoskeletal proteins, ZYBRESTAT selectively targets and collapses tumor vasculature, thereby depriving the tumor of oxygen and causing death of tumor cells. In clinical studies in solid tumors, ZYBRESTAT has demonstrated potent and selective activity against tumor vasculature, as well as clinical activity against ATC, ovarian cancer, and various other solid tumors.
In clinical studies in patients with forms of macular degeneration, intravenously-administered ZYBRESTAT has demonstrated clinical activity, and the Company is working to develop a convenient and patient-friendly topical formulation of ZYBRESTAT for ophthalmological indications.
About OXi4503
OXi4503 (combretastatin A1 di-phosphate / CA1P) is a dual-mechanism VDA that is being developed in clinical studies for the treatment of solid and liquid tumors. Like its structural analog, ZYBRESTAT(TM) (fosbretabulin / CA4P), OXi4503 has been observed to block and destroy tumor vasculature, resulting in extensive tumor cell death and necrosis. In addition, preclinical data indicates that OXi4503 is metabolized by oxidative enzymes (e.g., tyrosinase and peroxidases), which are elevated in many solid tumors and tumor white blood cell infiltrates, to an orthoquinone chemical species that has direct cytotoxic effects on tumor cells. Preclinical studies have shown that OXi4503 has (i) single-agent activity against a range of xenograft tumor models; and (ii) synergistic or additive effects when incorporated in various combination regimens with chemotherapy, molecularly-targeted therapies (including tumor-angiogenesis inhibitors) and radiation therapy. OXi4503 is currently being evaluated as a monotherapy in a Phase 1 dose-escalation clinical trial in patients with advanced solid tumors.
About OXiGENE
OXiGENE is a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases. The company's major focus is developing 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.
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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 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, enrollment rate for patients in the ZYBRESTAT pivotal trial for anaplastic thyroid cancer, timing for an interim analysis of the same, the Company's ability to regain compliance with the listing requirements of NASDAQ, timing of the development of a topical formulation of ZYBRESTAT, timing of a Phase 2 clinical trial of ZYBRESTAT and bevacizumab in NSCLC, timing of a Phase 2 clinical trial of ZYBRESTAT in platinum-resistant ovarian cancer, timing or execution of a strategic collaboration on any product or indication, and cash utilization rates for 2008. 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 Forms 10-K, 10-Q and 8-K. However, OXiGENE undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise. Please refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2007.