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OXiGENE Announces ZYBRESTAT(R) Plus Avastin(R) Continues to be Well Tolerated in Second Interim Toxicity Analysis of a Phase 2



OXiGENE Announces ZYBRESTAT(R) Plus Avastin(R) Continues to be Well Tolerated
in Second Interim Toxicity Analysis of a Phase 2 Ovarian Cancer Trial

SOUTH SAN FRANCISCO, Calif., Feb. 6, 2013 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN), a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer, announced today that the randomized Phase 2
study evaluating the combination of ZYBRESTAT® (fosbretabulin tromethamine or
CA4P) and Avastin® (bevacizumab) to treat patients with persistent or
recurrent ovarian cancer has again demonstrated acceptable tolerability in the
second and final scheduled interim toxicity analysis. As specified in the
study protocol, no additional pre-specified safety concerns were observed,
according to a meeting of the study's Safety Review Committee (SRC). OXiGENE
anticipates that patient accrual for the study will be completed within the
next 3-4 months, and that top-line data will be available at the end of the
year.

The Phase 2 study (GOG 186I) is being conducted by the Gynecologic Oncology
Group (GOG) under the sponsorship of the Cancer Therapy Evaluation Program
(CTEP) of the National Cancer Institute (NCI). Fosbretabulin tromethamine is
being provided to CTEP under a Cooperative Research and Development Agreement
(CRADA) with OXiGENE and the bevacizumab is being provided under a CRADA with
Genentech, Inc.

"We are pleased that the second and final interim safety review was
acceptable, and that enrollment has significantly increased due to the
addition of platinum-resistant ovarian cancer patients, who have very few
treatment options available to them," said Jai Balkissoon, MD, FACS, Vice
President Clinical Development, OXiGENE. "With our collaborators at the GOG
and CTEP, we look forward to completing enrollment by mid-year and generating
top-line data by year-end. We are hopeful that the efficacy and safety data
could support advancing toward a pivotal registration program in ovarian
cancer."

This second interim toxicity analysis was based on the safety review of the
first 53 evaluable patients who completed four months of therapy. There were
no additional protocol specified serious adverse events seen during this
review, and the study will continue to full enrollment.

About the Phase 2 Trial

The Phase 2 trial was initiated in March 2011, and is titled, "A Randomized
Phase II Evaluation of Single-Agent Bevacizumab (IND #7921) (NSC #704865) and
Combination Bevacizumab with Fosbretabulin Tromethamine (CA4P) (NSC #752293)
in the Treatment of Recurrent or Persistent Epithelial Ovarian, Fallopian Tube
or Primary Peritoneal Carcinoma." The Study chair and co-chairs are Bradley
Monk, MD, Creighton University School of Medicine, St. Joseph's Hospital and
Medical Center, Phoenix, Arizona, Robert L.Coleman, MD, University of Texas MD
Anderson Cancer Center, Houston, Texas and Carol Aghajanian, MD, Memorial
Sloan-Kettering Cancer Center, respectively. The study is being conducted at
more than 80 sites in the U.S.

To be eligible for the study, patients must have measurable or detectable
recurrent or persistent epithelial ovarian, fallopian tube or primary
peritoneal carcinoma, and must have had one prior platinum-based
chemotherapeutic regimen for management of primary disease containing
carboplatin, cisplatin or another organoplatinum compound. Patients can be
either platinum-sensitive or platinum-resistant but cannot have received more
than two prior chemotherapy regimens.

Patients are randomized into two arms: one arm receives bevacizumab 15 mg/kg
IV on day 1 and then every three weeks; the second arm receives bevacizumab
plus fosbretabulin tromethamine 60 mg/m^2 IV on day 1 and then every three
weeks. Patients are treated until disease progression or until adverse effects
prohibit further therapy. The primary endpoint of the Phase 2 trial is
progression-free survival. Secondary endpoints include safety, overall
survival and objective responses by treatment arm.

About the Gynecologic Oncology Group

The Gynecologic Oncology Group (GOG) is a not-for-profit organization with the
purpose of promoting excellence in the quality and integrity of clinical and
basic scientific research in the field of gynecologic malignancies. The GOG is
committed to maintaining the highest standards in clinical trials development,
execution, analysis and distribution of results. The GOG is one of the
National Cancer Institute's funded cooperative groups. The GOG is the only
group that focuses its research on women with pelvic malignancies, such as
cancer of the ovary, uterus, and cervix. The GOG is multi-disciplinary in its
approach to clinical trials, and includes gynecologic oncologists, medical
oncologists, pathologists, radiation oncologists, nurses, statisticians, basic
scientists, quality of life experts, data managers, and administrative
personnel.

About OXiGENE

OXiGENE is a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer. The Company's major focus is developing vascular
disrupting agents (VDAs) that selectively disrupt abnormal blood vessels
associated with solid tumor progression. OXiGENE is dedicated to leveraging
its intellectual property and therapeutic development expertise to bring
life-extending and life-enhancing medicines to patients.

The OXiGENE, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4969

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, including the timing for patient accrual and receipt of top-line
data from the Phase 2 study described in this press release, 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 inherent risks of drug development and regulatory review, and
the availability of additional financing to 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, 2011.

CONTACT: Investor and Media Contact:
         ir@oxigene.com
         650-635-7000

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