OXiGENE Inc (NASDAQ:OXGN), a biopharmaceutical company developing novel therapies for the treatment of cancer, today announced that the U.S. Patent and Trademark Office has granted it a patent (U.S. Patent No. 9,040,500) related to the use of OXi4503 for the treatment of myeloid neoplasms, including acute myeloid leukemia (AML).

“The granting of this U.S. patent is a notable achievement for OXiGENE and strengthens our program in AML, a potential orphan indication for which there is a great unmet need,” said Bill Schwieterman, M.D., OXiGENE’s President and CEO. “We are looking forward to starting a new company-sponsored Phase 1/2 clinical study of OXi4503 for this indication later this year, as we work to advance and strengthen our clinical pipeline.”

OXi4503 (combretastatin A1 di-phosphate) is a dual mechanism vascular disrupting agent (VDA) that has been observed to block and destroy tumor vasculature, resulting in extensive tumor cell death and necrosis. OXi4503 combines a VDA mechanism with cytotoxic activity. It is currently being evaluated in a Phase 1 investigator-sponsored study at the University of Florida in patients with relapsed and refractory AML and myelodysplastic syndrome (MDS). The study is also sponsored in part by The Leukemia & Lymphoma Society’s Therapy Acceleration Program. OXiGENE is planning to initiate a Phase 1/2 trial of OXi4503 in patients with AML and MDS later this year. (Original Source)

Shares of Oxigene closed today at $1.39, down $0.03 or 2.11%. OXGN has a 1-year high of $2.83 and a 1-year low of $1.31. The stock’s 50-day moving average is $1.46 and its 200-day moving average is $1.63.

On the ratings front, Oxigene has 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 implies an upside of 354.5% from current levels. 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 1.4% and -1.6% respectively. Yip has a success rate of 45.5% and is ranked #2336 out of 3608 analysts, while Benjamin has a success rate of 39.1% and is ranked #3120.

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.