OXiGENE Inc (NASDAQ:OXGN), a biopharmaceutical company developing vascular disrupting agents (VDAs) for the treatment of cancer, announced that the U.S. Food and Drug Administration (FDA) has granted orphan drug designation to CA4P for the treatment of neuroendocrine tumors. The designation provides for seven years of marketing exclusivity following product approval. CA4P has previously received orphan drug designation from the FDA for the treatment of ovarian cancer.

“I am pleased that the FDA has provided the orphan designation to CA4P for neuroendocrine tumors,” stated William D. Schwieterman, M.D., President and Chief Executive Officer of OXiGENE. “Their grant of this designation is timely, as we have recently completed enrollment in our phase 2a clinical trial of CA4P in both gastrointestinal and pancreatic neuroendocrine tumors. We expect final data from this trial to be available later in 2016.”

Orphan designation can be granted by the FDA to product candidates that are intended to treat rare diseases that generally affect fewer than 200,000 people in the United States. (Original Source)

Shares of Oxigene closed yesterday at $0.77, up $0.03 or 4.01%. OXGN has a 1-year high of $1.97 and a 1-year low of $0.65. The stock’s 50-day moving average is $0.85 and its 200-day moving average is $1.11.

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.