Company Update (NASDAQ:OXGN): OXiGENE Inc Reports Third Quarter 2015 Financial Results


OXiGENE Inc (NASDAQ:OXGN), a biopharmaceutical company developing vascular disrupting agents (VDAs) for the treatment of cancer, today reported financial results for the quarter ended September 30, 2015.

For the third quarter of 2015, OXiGENE reported a net loss of $3.6 million compared to a net loss of $3.5 million for the comparable period in 2014. R&D expenses during the third quarter of 2015 were $2.5 million compared to $2.2 million in the third quarter of 2014. General and administrative expenses during the third quarter of 2015 were $1.1 million compared to $1.2 million in the third quarter of 2014.

At September 30, 2015, OXiGENE had cash of $30.3 million, compared to $30.0 million at December 31, 2014.

“We have recently announced encouraging preliminary data for CA4P in both neuroendocrine tumors and recurrent ovarian cancer and have commenced an expanded phase 1b/2 clinical trial of OXi4503 in acute myeloid leukemia,” said William D. Schwieterman, M.D., OXiGENE’s President and Chief Executive Officer. “Simultaneously, we are moving forward with the advancement of CA4P in our planned phase 2/3 trials in platinum resistant ovarian cancer and glioblastoma multiforme. I continue to be encouraged by the data supporting the efficacy of our vascular disrupting agents, and I believe the opportunities we have to advance the treatment of cancer are substantial.” (Original Source)

Shares of Oxigene opened today at $0.78. OXGN has a 1-year high of $2.15 and a 1-year low of $0.78. The stock’s 50-day moving average is $0.98 and its 200-day moving average is $1.28.

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 implies an upside of 733.3% from current levels. According to TipRanks.com, Yip has a total average return of -5.7%, a 42.9% success rate, and is ranked #3337 out of 3832 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.