OXiGENE Inc (NASDAQ:OXGN), a biopharmaceutical company developing novel therapies for treatment of cancer, announced that Matthew M. Loar has been appointed Chief Financial Officer. Mr. Loar is a seasoned financial executive with over 20 years of financial and accounting experience in both public and private companies in the biopharmaceutical industry.
“I am extremely pleased to welcome Matt to our leadership team,” said William D. Schwieterman, M.D., OXiGENE’s President and Chief Executive Officer. “Matt has a wealth of experience in many areas, including business development, financial transactions, and working with Wall Street and the investment community. He brings valuable expertise to OXiGENE as we seek to advance our clinical candidates and work to build shareholder value.”
Mr. Loar most recently was Chief Financial Officer at KineMed, Inc., a private company with biomarker technology used in drug development. Previously, Mr. Loar was an independent financial consultant and was CFO at several public companies engaged in clinical drug development, including Neurobiological Technologies, Osteologix, and Genelabs Technologies.
Commenting on his appointment, Mr. Loar said, “I am delighted to join OXiGENE as CFO during this time of transition, growth and opportunity. I look forward to working with Bill and all the staff toward realizing the full value of our clinical programs.”
Mr. Loar graduated from the University of California, Berkeley, and is a certified public accountant (inactive) in California. He has served on the board of directors of two public biopharmaceutical companies in the San Francisco Bay Area, and has also served as treasurer of the Silicon Valley Chapter of Financial Executives International (FEI). (Original Source)
Shares of Oxigene closed today at $1.35, down $0.06 or 4.26%. OXGN has a 1-year high of $2.57 and a 1-year low of $1.27. The stock’s 50-day moving average is $1.45 and its 200-day moving average is $1.55.
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 331.7% 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 7.4% and 7.5% respectively. Benjamin has a success rate of 41.1% and is ranked #820 out of 3712 analysts, while Yip has a success rate of 62.5% and is ranked #1457.
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.