OXiGENE Inc (NASDAQ:OXGN), a biopharmaceutical company developing novel therapies for treatment of cancer, today reported financial results for the quarter ended June 30, 2015.
For the second quarter of 2015, OXiGENE reported a net loss of $3.3 million compared to a net loss of $3.9 million for the comparable period in 2014. R&D expenses during the second quarter of 2015 were $2.0 million compared to $2.2 million in the second quarter of 2014. General and administrative expenses during the second quarter of 2015 were $1.3 million compared to $1.8 million in the second quarter of 2014.
At June 30, 2015, OXiGENE had cash of $33.1million, compared to $30.0 million at December 31, 2014.
“I believe we have multiple opportunities to leverage our investigational products’ unique and demonstrated ability to block blood flow to various cancer tumors, particularly in combination with other antivascular therapies. As I mentioned last quarter, before the end of the year I look forward to presenting a clear development path for our future that we believe will optimize our pipeline assets,” saidWilliam D. Schwieterman, M.D., OXiGENE’s President and CEO.
OXiGENE also noted that it anticipates several upcoming regulatory and clinical milestones before the end of 2015. The company expects to submit a Special Protocol Assessment to the U.S. Food and Drug Administration for the potential Phase 3 study of fosbretabulin in combination with bevacizumab in platinum resistant ovarian cancer. The company plans to present results of the dose-ranging portion of the Phase 1 study of fosbretabulin in combination with pazopanib in ovarian cancer. Initial results from the ongoing Phase 1 trial in gastrointestinal neuroendocrine tumors (GI-NETs) are also scheduled to be announced. In addition, the company is on track to initiate a Phase 1 / 2 study of OXi4503 in acute myeloid leukemia (AML). (Original Source)
Shares of Oxigene closed today at $1.32, down $0.03 or 2.22%. OXGN has a 1-year high of $2.53 and a 1-year low of $1.27. The stock’s 50-day moving average is $1.41 and its 200-day moving average is $1.52.
On the ratings front, Oxigene has been the subject of a number of recent research reports. In a report issued on June 4, H.C. Wainwright analyst Reni Benjamin reiterated a Buy rating on OXGN, with a price target of $6, which implies an upside of 347.8% from current levels. Separately, on June 1, MLV & Co.’s Thomas Yip maintained a Buy rating on the stock and has a price target of $6.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Reni Benjamin and Thomas Yip have a total average return of 1.6% and 1.8% respectively. Benjamin has a success rate of 37.5% and is ranked #1771 out of 3724 analysts, while Yip has a success rate of 45.0% and is ranked #2066.
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.