OXiGENE, Inc. (Nasdaq:OXGN), a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer, reported financial results for the year ended December 31, 2014.
“OXiGENE has made meaningful progress during the past year to advance our pipeline of vascular disrupting agents (VDAs) and focus our research and development activities on specific and measurable goals,” said Dai Chaplin, Ph.D., OXiGENE’s President and CEO. “In addition to generating significant Phase 2 data demonstrating the benefit of fosbretabulin in combination with bevacizumab in platinum-resistant ovarian cancer, we advanced our Phase 2 development program for fosbretabulin in gastrointestinal neuroendocrine tumors (GI-NETs), another important orphan disease and compelling opportunity. We also supported an additional Phase 2 study of fosbretabulin in ovarian cancer being conducted by a U.K. charity, and continued to advance our earlier-stage programs.”
Continued Dr. Chaplin: “In 2015, we expect to obtain U.S. regulatory guidance in the second quarter on the potential design and scope of a late-stage development program for fosbretabulin in ovarian cancer, and to complete enrollment in the ongoing Phase 2 study in GI-NETs. We also plan to move our second clinical candidate, OXi4503, into a company-sponsored Phase 1/2 study in acute myeloid leukemia (AML), which will increase the number of clinical sites enrolling these subjects. We believe these initiatives will be important milestones for our company and contribute to building shareholder value.”
Summary of Financial Results
At December 31, 2014, OXiGENE had cash of approximately $30.0 million, compared to approximately $7.0 million at December 31, 2013. During 2014, the company raised total net proceeds of approximately $35.2 million from a public offering of stock and warrants and an at-the-market registered direct offering, as well as the exercise of warrants during the year.
For the year ended December 31, 2014, OXiGENE reported a net loss of $12.7 million compared to a net loss of $8.3 million for the same period in 2013. The increase in the net loss during 2014 was primarily due to an increase in research and development (R&D) expenses, which included costs for the initiation of a company-sponsored Phase 2 clinical trial in GI-NETs and the manufacture of drug product for ongoing and late-stage clinical development. General and administrative expenses were higher in 2014 as compared to 2013 due to a one-time charge related to executive compensation and an employee incentive compensation program. During 2013, OXiGENE also recorded a non-cash deemed dividend of $4.8 million related to the preferred stock equity financings completed that year.
Shares of Oxigene closed today at $1.70, down $0.02, or 1.16 percent. OXGN has a 1-year high of $4.44 and a 1-year low of $1.48. The stock’s 50-day moving average is $1.70 and it’s 200-day moving average is $1.89.
On the ratings front, in a report issued on February 12, H.C. Wainwright analyst Reni Benjamin reiterated a Buy rating on OXGN, with a price target of $6, which implies an upside of 249% from current levels.
OxiGene, Inc., is a biopharmaceutical company. It is engaged in development of vascular disrupting agents (VDAs) for the treatment of cancer.