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Michelle Edwards, Investor Relations
medwards@oxigene.com
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OXiGENE, Inc. Names John A. Kollins as Chief Executive Officer
WALTHAM, Mass., October 23, 2008 -- OXiGENE, Inc. (NASDAQ GM: OXGN), (XSSE:
OXGN), announced today that its Board of Directors has appointed John A.
Kollins, the Company's current Chief Operating Officer, to the positions of
Chief Executive Officer and Director. Concurrently, the Board accepted the
resignation, effective October 22, 2008, of Dr. Richard Chin as President and
Chief Executive Officer and as a member of the Board of Directors.
Joel Citron, Chairman of the OXiGENE Board of Directors, said, “OXiGENE's Board
of Directors would like to thank Richard for his contributions. In particular,
Richard helped build a strong management team and played an important role in
establishing the recently announced partnership with Symphony Capital. He
leaves OXiGENE in a stronger position with a talented management team and
strengthened Board of Directors, and we wish Richard success in his future
endeavors.”
Mr. Citron continued, “The Board has complete confidence in John's ability to
lead OXiGENE through its next stages of development, to provide clear strategic
direction in implementing the company's clinical, operational and business
strategies, and to effectively represent OXiGENE in its relationships with key
stakeholders. Since joining the Company in March 2007, John has consistently
provided strategic guidance and maintained a strong focus on high-quality
execution in all aspects of OXiGENE's business. With his wealth of industry
experience, John is our best choice to ensure that OXiGENE realizes its full
potential, successfully delivers on its goals and builds shareholder value.”
“OXiGENE is entering an exciting period of maturation, as our lead drug
candidate, ZYBRESTAT, advances through a pivotal-stage trial in anaplastic
thyroid cancer and Phase 2 trials in other oncology indications; as our
next-generation cancer and ophthalmological disease programs progress; and as we
intensify our strategic partnering and asset monetization activities,” said John
A. Kollins. “OXiGENE today is an emerging leader in the field of vascular
disrupting agents and is well-positioned to drive multiple, commercially
valuable product candidates to key value inflection points. By working in
partnership with our new colleagues at Symphony Capital, and leveraging the
capabilities of our strong management team and talented employees, I'm confident
that OXiGENE can achieve its milestones and succeed in delivering valuable,
differentiated therapeutic products to patients in need.”
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About ZYBRESTAT (fosbretabulin)
ZYBRESTAT is currently being evaluated in a pivotal registration study in 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
single-agent activity against a range of xenograft tumor models; and 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 I 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 life-enhancing medicines to patients.
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
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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, interim analysis of the same, timing of the IND filing and Phase
I trial initiation for topical ZYBRESTAT, timing of a Phase II clinical trial of
ZYBRESTAT and bevacizumab in NSCLC, timing or execution of a strategic
collaboration on any product or indication, and cash utilization rate 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 Form 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.
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OXiGENE, Inc. Names John A. Kollins as Chief Executive Officer
| Source: Oxigene, Inc.