OXiGENE Reports Second Quarter 2014 Financial Results
- Phase 2 Trial of Fosbretabulin in Gastrointestinal Neuroendocrine Tumors
- Further Data from Gynecologic Oncology Group (GOG) Phase 2 Ovarian Cancer
Trial to be Presented in November -
- Cash Balance Increased to $36.3 Million -
SOUTH SAN FRANCISCO, Calif., Aug. 5, 2014 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN), a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer, reported financial results for the quarter ended
June 30, 2014.
"The second quarter has been highly productive, as we completed a significant
financing and prepared to move forward with planned clinical studies of our
lead product candidate, fosbretabulin, including in gastrointestinal
neuroendocrine tumors, or GI-NETs," said Dai Chaplin, Ph.D., OXiGENE's
President and Chief Executive Officer. "We are also pleased to confirm that
the detailed results from the Gynecologic Oncology Group Phase 2 trial of
fosbretabulin in recurrent ovarian cancer, which showed a statistically
significant progression-free survival benefit, will be presented in November
at a meeting of the International Gynecologic Cancer Society."
Summary of Financial Results
At June 30, 2014, OXiGENE had cash of approximately $36.3 million, compared to
approximately $7.0 million at December 31, 2013. During the first half of
2014, the company raised total net proceeds of approximately $35.2 million
from a public offering of stock and warrants in February, an at-the-market
registered direct offering in May 2014 and from the exercise of warrants by
investors in the February and May offerings and in previous private offerings.
For the three months ended June 30, 2014, OXiGENE reported a net loss of $3.9
million compared to a net loss of $1.7 million for the comparable three-month
period in 2013. The increase in the net loss in 2014 as compared to 2013 was
primarily due to an increase in research and development (R&D) expenses of
approximately $1.6 million in the second quarter of 2014 as compared to the
prior year period. R&D expenses during the second quarter of 2014 supported
the company's ongoing professional, clinical and manufacturing activities
related to advancing its pipeline of novel oncology product candidates,
including clinical trials of fosbretabulin and OXi4503 in various indications.
General and administrative expenses during the second quarter of 2014 were
$1.8 million, compared to $1.1 million for the comparable period in 2013. The
increase was primarily due to a one-time charge related to executive
compensation, marketing research and an employee incentive compensation
The company's net loss for the second quarter of 2013 was also impacted by a
non-cash deemed dividend of $2.5 million related to the preferred stock equity
financing completed in April 2013. The net loss combined with this non-cash
item resulted in a net loss attributable to common stockholders of $4.1
million for the three months ending June 30, 2013.
Common stock outstanding as of June 30, 2014 was 20,701,667 shares.
Conference Call Today
Members of OXiGENE's management team will review these financial results via a
webcast and conference call today, August 5, 2014, 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 &
Media" 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, or +1 (678) 809-1060 for international callers, five
minutes prior to the beginning of the call.
OXiGENE is a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer. The Company is focused on developing vascular
disrupting agents (VDAs), which are compounds that selectively disrupt
abnormal blood vessels associated with solid tumor survival and progression.
The Company's lead clinical product candidate, fosbretabulin (also known as
ZYBRESTAT), is in development as a potential treatment for solid tumors.
OXi4503, its second-generation product candidate, 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 inherent risks of drug development,
manufacturing 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, 2013.
Balance Sheet Data
June 30, 2014 December 31, 2013
(All amounts in thousands)
Cash $36,271 $7,005
Prepaid expenses 450 93
License agreement 47 93
Other assets 79 103
Total assets $36,847 $7,294
Liabilities and stockholders' equity
Accounts payable and accrued liabilities $1,948 $1,251
Total stockholders' equity 34,899 6,043
Total liabilities and stockholders' equity $36,847 $7,294
Statement of Operations
Three months ended June Six months ended June
2014 2013 2014 2013
(All amounts in thousands, except per share data)
Research and development $2,171 $603 $3,558 $1,349
General and administrative 1,753 1,052 2,994 2,187
Total operating expenses 3,924 1,655 6,552 3,536
Loss from Operations (3,924) (1,655) (6,552) (3,536)
Investment income 1 1 2 2
Other (expense) income, (6) -- (9) --
Net loss and comprehensive (3,929) (1,654) (6,559) (3,534)
Non-cash deemed dividend to -- (2,481) -- (2,481)
Net loss attributable to $(3,929) $(4,135) $(6,559) $(6,015)
Basic and diluted net loss
per shareattributable to $(0.23) $(1.86) $(0.50) $(2.89)
Weighted-average number of 17,259 2,227 13,179 2,082
CONTACT: Investor and Media Contact:
Press spacebar to pause and continue. Press esc to stop.