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Press Release

Apr 27, 2005
OXiGENE Reports First-Quarter 2005 Operational and Financial Results
OXiGENE Reports First-Quarter 2005 Operational and Financial Results WALTHAM, Mass.--(BUSINESS WIRE)--April 27, 2005--OXiGENE, Inc. (NASDAQ: OXGN) (XSSE: OXGN):

    Recent Accomplishments:

  • Announced positive data supporting clinical programs of CA4P and OXi4503 at the recent AACR meeting

  • Observed anti-tumor activity in two preclinical studies of CA4P - One in combination with Avastin, the other in a Retinoblastoma model

  • Received additional regulatory clearance in Canada and Taiwan for a Phase II trial of CA4P in Myopic Macular Degeneration

  • Raised gross proceeds of $15 million in stock offering; current cash and equivalents total over $42 million

OXiGENE, Inc. (NASDAQ: OXGN, XSSE: OXGN), an emerging pharmaceutical company developing novel small-molecule therapeutics to treat cancer and eye diseases, today reported operational and financial results for the first quarter ended March 31, 2005.

"OXiGENE's clinical and financial accomplishments in the first quarter represent substantial progress toward the achievement of the important goals we have set for the Company in 2005," said Frederick Driscoll President & CEO of OXiGENE. "We are fully engaged on three strategic development fronts, CA4P in oncology, CA4P in ophthalmology, and OXi4503, our second clinical candidate in Phase I trials in oncology. OXiGENE's complete focus is on advancing these promising agents through late-stage trials."

Financial Results

In the first quarter of 2005, OXiGENE's net loss was approximately $2.0 million, or $0.12 per share, compared to a net loss of approximately $2.1 million, or $0.13 per share, in the first quarter of 2004.

At March 31, 2005, OXiGENE had cash, cash equivalents and marketable securities of approximately $42.3 million compared with approximately $30.5 million at December 31, 2004.

"The successful completion of our $15 million stock offering in the first quarter further strengthens OXiGENE's financial condition and should enable us to execute on our critical corporate objectives over the next two years," said James Murphy Chief Financial Officer of OXiGENE.

About OXiGENE, Inc.

OXiGENE is an emerging pharmaceutical company developing novel small-molecule therapeutics to treat cancer and eye diseases. The Company's major focus is the clinical advancement of drug candidates that selectively disrupt abnormal blood vessels associated with solid tumor progression and visual impairment. OXiGENE is dedicated to leveraging its intellectual property position and therapeutic development expertise to bring life saving 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: advancement of CA4P and OXi4503 into late-stage clinical trials; and availability of resources to execute on critical corporate objectives over the next two years. 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 10-Q, 8-K and 10-K reports. However, OXiGENE undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise.

Condensed Balance Sheets
(All amounts in 000's)

 Assets                                    March 31,     December 31,
                                               2005             2004
                                       -------------   --------------

         Cash, marketable securities
          and restricted cash               $42,300          $30,502
         Licensing agreement                    947              971
         Furniture, fixtures and
          equipment, net                         64               67
         Other assets                           348              217
                                       -------------   --------------
         Total assets                       $43,659          $31,757
                                       =============   ==============

 Liabilities and stockholders' equity

         Accounts payable                      $407             $494
         Accrued expenses                     2,377            2,128
         Total stockholders' equity          40,875           29,135

                                       -------------   --------------
         Total liabilities and
          stockholders' equity              $43,659          $31,757
                                       =============   ==============

Statements of Operations
(All amounts in 000's except per share amounts)

                                           Three months ended

                                                    March 31,
                                               2005           2004
                                     ---------------  -------------

 License revenue                                 $-             $7

 Costs and expenses:

 Research and development                     1,217            953
 General and administrative                     997          1,259
                                     ---------------  -------------

 Total costs and expenses:                    2,214          2,212

 Operating  loss                             (2,214)        (2,205)

 Investment income                              181            143
 Other income, net                                5              -

 Net loss                                   $(2,028)       $(2,062)
                                     ===============  =============

 Basic and diluted net loss per
  common share                               $(0.12)        $(0.13)

 Weighted average number of common
  shares outstanding                         17,604         16,236

James Murphy
Vice President and CFO
(781) 547-5900
MacDougall BioCommunications
Chris Erdman
Vice President
(508) 647-0209