OXiGENE Inc (NASDAQ:OXGN), a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer, today announced the appointment of a new President and Chief Executive Officer, Bill Schwieterman, M.D. The company’s current CEO, Dai Chaplin, Ph.D., will become Chief Scientific Officer. Both Drs. Schwieterman and Chaplin will continue to serve on OXiGENE’s board of directors.
Dr. Schwieterman is an experienced biotechnology executive with a deep background in clinical development and regulatory matters. From 2009 to 2014, he was Chief Medical Officer of Chelsea Therapeutics, Inc., where he led the company’s clinical development team toward the approval of droxidopa for the treatment of non-motor symptoms of Parkinson’s disease and other neurodegenerative diseases. Dr. Schwieterman was formerly Chief of the Medicine Branch and Chief of the Immunology and Infectious Disease Branch in the Division of Clinical Trials at the Food and Drug Administration(FDA). During his ten years at FDA, Dr. Schwieterman oversaw a wide range of clinical development plans for a large number of different types of molecules. Previously, Dr. Schwieterman was also a part-time medical advisor at Perceptive Advisors, LLC, a New York-based hedge fund. He holds a B.S. and M.D. from the University of Cincinnati.
On behalf of the company’s board, chairman Fred Driscoll commented, “We are pleased that Bill has agreed to lead OXiGENE into its next phase as a clinical development company. He brings an exceptional medical and regulatory background to the company, at a time which will be of great value as he builds on the work that Dai has done over the past year to focus our programs and strengthen the company’s cash balance.”
Commenting on his appointment, Dr. Schwieterman said, “I am delighted to take over the reins as CEO at this important juncture, and work together with Dai to enhance our programs and their scientific, medical and commercial value. OXiGENE has a range of promising clinical and preclinical assets that we can further develop and optimize, even as we determine next steps for our lead clinical program, fosbretabulin, in platinum-resistant ovarian cancer. I look forward to transforming the company into a leader in clinical drug development.” (Original Source)
Shares of Oxigene closed today at $1.40, down $0.01 or0.71%. The stock’s 50-day moving average is $1.47 and its 200-day moving average is $1.70.
On the ratings front, Oxigenehas been the subject of a number of recent research reports. In a report issued on May 4, MLV & Co. analyst Thomas Yip reiterated a Buy rating on OXGN, with a price target of $6.50, which represents a potential upside of 364.3% from where the stock is currently trading. Separately, on April 2, H.C. Wainwright’s Reni Benjamin reiterated a Buy rating on the stock and has a price target of $6.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Thomas Yip and Reni Benjamin have a total average return of 1.7% and -2.2% respectively. Yip has a success rate of 45.5% and is ranked #2263 out of 3599 analysts, while Benjamin has a success rate of 33.6% and is ranked #3213.
OxiGene Inc is a biopharmaceutical company. The Company is engaged in development of vascular disrupting agents (VDAs) for the treatment of cancer. Ithas two clinical stage product candidates that are developed in three potential oncology indications.