oxgnOXiGENE Inc (NASDAQ:OXGN), a biopharmaceutical company developing vascular disrupting agents (VDAs) for the treatment of cancer, today announced that it has initiated a phase 1b/2 clinical trial (Study OX1222) of its investigational drug OXi4503 for treatment of acute myeloid leukemia (AML). OXi4503, which has shown significant activity in preclinical studies of AML, is a novel VDA that is designed to reduce blood flow to tumors and to prevent cancer cells from replicating.

Study OX1222 is a continuation and expansion of a phase 1 single site clinical trial of OXi4503 conducted by the University of Florida (UF) with support from the Leukemia & Lymphoma Society. OXiGENEis expanding upon the UF study to speed collection of additional safety and efficacy data and to obtain clinical data for OXi4503 in combination with cytarabine, which is an approved treatment for AML.

“OXi4503 is a promising new investigational drug for patients with Myelodysplastic Syndromes and Acute Myeloid Leukemia,” stated Christopher R. Cogle, M.D., Associate Professor of Medicine, University of Florida, and the principal investigator of the study. “Blood vessels are hiding spots for these diseases. OXi4503 is a first-in-class drug that rouses sleeping leukemia cells from vascular beds and primes leukemia cells to cytarabine chemotherapy.”

The American Cancer Society estimates that there are approximately 21,000 patients diagnosed with AML each year. (Original Source)

Shares of Oxigene closed today at $0.94, down $0.027 or 2.79%. OXGN has a 1-year high of $2.53 and a 1-year low of $0.82. The stock’s 50-day moving average is $1.12 and its 200-day moving average is $1.34.

On the ratings front, FBR analyst Thomas Yip maintained a Buy rating on OXGN, with a price target of $6.50, in a report issued on August 4. The current price target represents a potential upside of 591.5% from where the stock is currently trading. According to TipRanks.com, Yip has a total average return of -11.4%, a 22.2% success rate, and is ranked #3587 out of 3795 analysts.

OxiGene Inc is a biopharmaceutical company. The Company is engaged in development of vascular disrupting agents (VDAs) for the treatment of cancer. It has two clinical stage product candidates that are developed in three potential oncology indications.