Company Update (NASDAQ:OXGN): OXiGENE Inc Reports 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 2015.
For the year ended December 31, 2015, OXiGENE reported a net loss of $13.7 million compared to a net loss of $12.6 million for the year ended December 31, 2014. R&D expenses increased to $9.1 million in 2015 compared to $7.4 million in 2014, while general and administrative expenses decreased to $4.6 million in 2015 compared to $5.2 million in 2014.
At December 31, 2015, OXiGENE had cash of $27.3 million.
“During the second half of 2015 the Company worked to define and optimize a clinical plan that would most efficiently advance the development of CA4P, our lead investigational drug. We built our plan on results from a phase 2 clinical trial completed in 2014 in which CA4P, a novel vascular disrupting agent, dramatically improved platinum-resistant ovarian cancer treatment outcomes when combined with the approved anti-angiogenic agent bevacizumab (Avastin®),” stated William D. Schwieterman, M.D., OXiGENE’s President and Chief Executive Officer. “As we begin 2016 our progress continues. TheFDA recently approved our protocol for FOCUS, a phase 2/3 clinical trial designed to provide us with data to support the registration of CA4P as a new drug for the treatment of platinum-resistant ovarian cancer, and we remain on track to enroll patients in this study before mid-year. I am pleased that our year-end cash balance is expected to provide us with a sufficient runway to collect and present important data from FOCUS and other programs we have on-going.” (Original Source)
Shares of Oxigene closed last Thursday at $0.68, down $-0.02 or -2.87%. OXGN has a 1-year high of $1.68 and a 1-year low of $0.49. The stock’s 50-day moving average is $0.62 and its 200-day moving average is $0.81.
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.