SOUTH SAN FRANCISCO, Calif., March 28, 2016 (GLOBE NEWSWIRE) -- OXiGENE, Inc. (Nasdaq:OXGN), a biopharmaceutical company developing vascular disrupting agents (VDAs) for the treatment of cancer, today reported financial results for 2015.
For the year ended December 31, 2015, OXiGENE reported a net loss of $13.7 million compared to a net loss of $12.6 million for the year ended December 31, 2014. R&D expenses increased to $9.1 million in 2015 compared to $7.4 million in 2014, while general and administrative expenses decreased to $4.6 million in 2015 compared to $5.2 million in 2014.
At December 31, 2015, OXiGENE had cash of $27.3 million.
“During the second half of 2015 the Company worked to define and optimize a clinical plan that would most efficiently advance the development of CA4P, our lead investigational drug. We built our plan on results from a phase 2 clinical trial completed in 2014 in which CA4P, a novel vascular disrupting agent, dramatically improved platinum-resistant ovarian cancer treatment outcomes when combined with the approved anti-angiogenic agent bevacizumab (Avastin®),” stated William D. Schwieterman, M.D., OXiGENE’s President and Chief Executive Officer. “As we begin 2016 our progress continues. The FDA recently approved our protocol for FOCUS, a phase 2/3 clinical trial designed to provide us with data to support the registration of CA4P as a new drug for the treatment of platinum-resistant ovarian cancer, and we remain on track to enroll patients in this study before mid-year. I am pleased that our year-end cash balance is expected to provide us with a sufficient runway to collect and present important data from FOCUS and other programs we have on-going.”
About OXiGENE
OXiGENE is a clinical-stage biopharmaceutical company developing vascular disrupting agents (VDAs) to treat cancer. VDAs selectively disrupt abnormal blood vessels that sustain tumors. The company's investigational drugs include CA4P (fosbretabulin), which is in development as a treatment for solid tumors, and OXi4503, which is in development for acute myeloid leukemia (AML). 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 statements in this press release, which include the timing of advancement, outcomes, data and regulatory guidance relative to our clinical programs and achievement of our business and financing objectives 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, the sufficiency of OXiGENE’s cash balances to allow it to collect and present data from planned and ongoing clinical trials, the inherent risks of drug development, manufacturing and regulatory review, and the availability of additional financing to pursue and continue development of our programs. 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, 2015.
| OXiGENE, Inc. | |||||||||||
| Balance Sheet Data | |||||||||||
| (Unaudited) | December 31, | ||||||||||
| 2015 | 2014 | ||||||||||
| (in thousands) | |||||||||||
| Assets | |||||||||||
| Cash | $ | 27,285 | $ | 30,031 | |||||||
| Other assets | 168 | 392 | |||||||||
| Total assets | $ | 27,453 | $ | 30,423 | |||||||
| Liabilities and stockholders' equity | |||||||||||
| Accounts payable and accrued liabilities | $ | 2,103 | $ | 1,419 | |||||||
| Total stockholders' equity | 25,350 | 29,004 | |||||||||
| Total liabilities and stockholders' equity | $ | 27,453 | $ | 30,423 | |||||||
| OXiGENE, Inc. | |||||||||||
| Statement of Operations Data | |||||||||||
| (Unaudited) | |||||||||||
| 2015 | 2014 | ||||||||||
| (in thousands, except per share data) | |||||||||||
| Operating Expenses: | |||||||||||
| Research and development | $ | 9,086 | $ | 7,408 | |||||||
| General and administrative | 4,596 | 5,242 | |||||||||
| Total operating expenses | 13,682 | 12,650 | |||||||||
| Loss from operations | (13,682 | ) | (12,650 | ) | |||||||
| Interest income | 27 | 6 | |||||||||
| Other income (expense), net | 1 | (3 | ) | ||||||||
| Net loss and comprehensive loss | $ | (13,654 | ) | $ | (12,647 | ) | |||||
| Basic and diluted net loss per common share | |||||||||||
| attributable to common stock | $ | (0.54 | ) | $ | (0.75 | ) | |||||
| Weighted-average number of common shares | |||||||||||
| outstanding | 25,201 | 16,973 | |||||||||