Delaware (State or other jurisdiction of incorporation) |
0-21990 (Commission File Number) |
13-3679168 (IRS Employer Identification No.) |
701 Gateway Boulevard, Suite 210, South San Francisco, CA |
94080 | |
(Address of principal executive offices) | (Zip Code) |
Item 2.02. Results of Operations and Financial Condition | ||||||||
Item 9.01. Financial Statements and Exhibits | ||||||||
SIGNATURES | ||||||||
EXHIBIT INDEX | ||||||||
Ex-99.1 |
Exhibit Number | Description | |
99.1
|
Press release dated May 12, 2011 reporting OXiGENEs financial results for the quarter ended March 31, 2011. |
OXiGENE, Inc. |
||||
Date: May 12, 2011 | By: | /s/ JAMES B. MURPHY | ||
James B. Murphy | ||||
Vice President and Chief Financial Officer |
| In March, the Company completed the exchange of outstanding warrants originally issued in March 2010 for shares of common stock in order to eliminate all of such warrants having ratchet price-based anti-dilution protection features. | ||
| The Company entered into a Cooperative Research and Development Agreement with the National Cancer Institutes (NCI) Cancer Therapy Evaluation Program (CTEP) to collaborate on the conduct of a randomized Phase 2 trial of ZYBRESTAT in combination with bevacizumab compared to bevacizumab alone in patients with relapsed ovarian cancer. The Gynecologic Oncology Group (GOG), an organization dedicated to clinical research in the field of gynecologic cancer, will conduct the trial. The studys primary endpoint is progression-free survival, with results expected in early 2013. | ||
| The Company participated in a Type C meeting with the FDA to discuss the results of the FACT study of ZYBRESTAT in patients with ATC. The FDA indicated that the data from the FACT trial are suggestive of clinical activity that may warrant continued development, and that to seek regulatory approval, OXiGENE should conduct an additional clinical trial with a survival endpoint. Plans for conducting the Phase 3 trial are underway. | ||
| The Company presented positive preclinical data supporting development of its novel, non-peptidic cathepsin L inhibitors as anticancer agents at the 102nd Annual Meeting of the American Association of Cancer Research in Orlando, Florida. The Company believes that these positive data support clinical development of its cathepsin L inhibitors for the treatment of solid tumors. | ||
| After the quarters close, the Company announced initiation of an investigator-sponsored Phase 1 trial of OXi4503 in AML or myelodysplastic syndrome (MDS), to be conducted at the University of Florida and with support by The Leukemia & Lymphoma Societys Therapy Acceleration Program. | ||
| Upcoming highlights in the second quarter include the presentation of data from the FACT (anaplastic thyroid cancer) and FALCON (non-small cell lung cancer) studies at the ASCO annual meeting in June. |
March 31, 2011 | December 31, 2010 | |||||||
(Amounts in 000s) | ||||||||
Assets |
||||||||
Cash, cash equivalents and restricted cash |
$ | 2,705 | $ | 4,677 | ||||
Prepaid expenses |
553 | 256 | ||||||
License agreement |
362 | 386 | ||||||
Other assets |
231 | 248 | ||||||
Total assets |
$ | 3,851 | $ | 5,567 | ||||
Liabilities and stockholders equity (deficit) |
||||||||
Accounts payable and accrued liabilities |
$ | 2,786 | $ | 3,211 | ||||
Derivative liabilities |
17 | 7,611 | ||||||
Total stockholders equity (deficit) |
1,048 | (5,255 | ) | |||||
Total liabilities and stockholders equity (deficit) |
$ | 3,851 | $ | 5,567 | ||||
Three months ended March 31, | ||||||||
(Amounts in 000s except per share amounts) | ||||||||
2011 | 2010 | |||||||
Costs and expenses: |
||||||||
Research and development |
$ | 1,683 | $ | 4,185 | ||||
General and administrative |
1,385 | 1,703 | ||||||
Restructuring |
| 510 | ||||||
Total costs and expenses |
3,068 | 6,398 | ||||||
Operating loss |
(3,068 | ) | (6,398 | ) | ||||
Change in fair value of warrants
and other financial instruments |
2,210 | (4,633 | ) | |||||
Investment income |
1 | 7 | ||||||
Other (expense) income, net |
(6 | ) | (4 | ) | ||||
Net loss |
$ | (863 | ) | $ | (11,028 | ) | ||
Basic and diluted net loss per common
share |
$ | (0.13 | ) | $ | (3.42 | ) | ||
Weighted average number of common
shares outstanding |
6,554 | 3,222 |
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