OXiGENE Reports First Quarter 2013 Financial Results
SOUTH SAN FRANCISCO, Calif., May 6, 2013 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN), a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer, reported financial results for the quarter ended
March 31, 2013.
For the three months ended March 31, 2013, the Company reported a net loss of
$1.9 million or $0.97 per share, compared to a net loss of $1.9 million or
$1.44 per share for the three-month period in 2012. The results for both
periods were similar, with research and development (R&D) expenses at $0.7
million for both periods and general and administrative expenses slightly
lower at $1.1 million for the three months ended March 31, 2013 as compared to
$1.3 million in the three-month period in 2012.
Operating expenses continued to decrease in the 2013 period, reflecting the
Company's ongoing strategies to reduce expenses and cash utilization following
its 2011 restructuring and to focus resources on its high-value programs and
defray costs, when possible, through collaborations. Significant drivers of
the continued reduction in R&D spending in the 2013 period, and in the 2012
period, included the Company's decisions to redirect the focus of its
regulatory strategy for ZYBRESTAT® in anaplastic thyroid cancer (ATC) toward
the compassionate use program in Europe being conducted by Azanta A/S, and to
pursue registration of ZYBRESTAT in Europe utilizing its current data set; and
its decision to advance its clinical program in ovarian cancer by working with
collaborators, such as the Gynecologic Oncology Group (GOG) which is
conducting a Phase 2 trial of ZYBRESTAT combined with Avastin®.
During the 2013 quarter, the Company issued approximately 323,000 shares of
common stock through the Company's At the Market agreement with MLV & Co. LLC
for net proceeds of approximately $1.5 million.
At March 31, 2013, OXiGENE had cash and restricted cash of approximately $4.6
million, compared with approximately $5.0 million at December 31, 2012. At
April 30, 2013, the Company had cash and restricted cash of approximately $8.7
million which includes the cash received from the private placement financing
Following the close of the first quarter, in April 2013, the Company raised
$5.0 million in gross proceeds by issuing convertible preferred stock in a
private placement to accredited institutional investors. The preferred stock
is convertible into a total of approximately 1.38 million shares of common
stock. Additionally, two series of warrants potentially exercisable for up to
approximately 2.92 million of additional shares of common stock were issued.
The preferred stock does not have any dividend rights or any preferences over
the Company's common stock, including liquidation rights.
All of the per share and share amounts reflect the effect of the 1:12 reverse
stock split that became effective on December 28, 2012.
"I am pleased to report that we have made very good progress over the last few
months in advancing our lead clinical program for ZYBRESTAT in ovarian cancer,
in our European registration strategy for ZYBRESTAT in ATC utilizing the
exceptional circumstances marketing authorization process, and in
strengthening our Company's financial standing," said Peter Langecker, M.D.,
Ph.D., OXiGENE Chief Executive Officer. "We have received positive feedback
from two European countries for our ATC registration strategy, which we are
continuing to vigorously pursue. Our collaborative study with the GOG in
patients with advanced ovarian cancer has completed enrollment, and we
anticipate initial top-line data in the first half of 2014. The financing we
completed in April involved high quality institutions and provides timely and
welcome support as we continue to explore longer term options for
strengthening our financial condition, including partnering. We remain
committed to exploring available opportunities to advance our pipeline of
vascular disrupting agents with the goal of bringing important new
therapeutics to patients with serious, unmet medical needs, and building our
Conference Call Today
Members of OXiGENE's management team will review first quarter results via a
webcast and conference call today, May 6, 2013, at 4:30 p.m. EDT (1:30 p.m.
PDT). To listen to a live or an archived version of the audio webcast, please
log on to the Company's website, www.oxigene.com. Under the "Investors" tab,
select the link to "Events and Presentations".
OXiGENE's earnings conference call can also be heard live by dialing (888)
841-3431 in the United States and Canada, and +1 (678) 809-1060 for
international callers, five minutes prior to the beginning of the call.
To listen to a live or archived version of the audio webcast, please log on to
the Company's website, www.oxigene.com. Under the "Investors" tab, select the
link to "Events & Presentations."
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.
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 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, 2012.
Balance Sheet Data
March 31, 2013 December 31, 2012
(All amounts in 000's)
Cash and restricted cash $4,582 $4,966
Prepaid expenses 337 135
License agreement 167 191
Other assets 96 155
Total assets $5,182 $5,447
Liabilities and stockholders' equity
Accounts payable and accrued liabilities $833 $901
Total stockholders' equity 4,349 4,546
Total liabilities and stockholders' equity $5,182 $5,447
Statement of Operations Data
Three months ended March 31,
(All amounts in 000's except per share
Product revenue $-- $114
Research and development 746 654
General and administrative 1,135 1,332
Restructuring -- 13
Total operating expenses 1,881 1,999
Loss from Operations (1,881) (1,885)
Other (expense) income, net 1 (6)
Net loss $(1,880) $(1,891)
Basic and diluted net loss per common $(0.97) $(1.44)
Weighted average number of common 1,940 1,311
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