OXiGENE Reports Second-Quarter 2005 Operational and Financial Results.WALTHAM, Mass. -- Recent developments: --Announced Positive Phase Ib Update of CA4P with Radiotherapy radiotherapy /ra·dio·ther·a·py/ (-ther´ah-pe) treatment of disease by means of ionizing radiation; tissue may be exposed to a beam of radiation, or a radioactive element may be contained in devices (e.g. at ASCO ASCO American Society of Clinical Oncology ASCO Association of Schools and Colleges of Optometry (since 1941; Rockville, Maryland) ASCO Australian Standard Classification of Occupations ASCO Automatic Switch Company - CA4P well tolerated with radiotherapy for lung and prostate cancers prostate cancer, cancer originating in the prostate gland. Prostate cancer is the leading malignancy in men in the United States and is second only to lung cancer as a cause of cancer death in men. , anti-tumor activity observed --Announced Presentation at ASCO of Positive Tumor tumor: see neoplasm. Response Data in Phase Ib Trial of CA4P with Chemotherapy - Clinical investigator A clinical investigator involved in a clinical trial is responsible for ensuring that an investigation is conducted according to the signed investigator statement, the investigational plan, and applicable regulations; for protecting the rights, safety, and welfare of subjects under reports that CA4P in Combination with Carboplatin and/or Paclitaxel paclitaxel /pac·li·tax·el/ (pak?li-tak´sel) an antineoplastic that promotes and stabilizes polymerization of microtubules, isolated from the Pacific yew tree (Taxus brevifolia); indicates anti-tumor activity and no unexpected toxicity --Provided update on Vascular Targeting Programs in Ophthalmology ophthalmology (ŏf'thălmŏl`əjē), branch of medicine specializing in the anatomy, function and diseases of the eye. Ophthalmologists specialize in the medical and surgical treatment of eye disorders, vision measurements for OXiGENE, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : OXGN, XSSE: OXGN), an emerging pharmaceutical company developing novel small-molecule therapeutics to treat cancer and eye diseases, today reported operational and financial results for the second quarter ended June 30, 2005. "We are pleased with the progress we have made with CA4P in our oncology clinical trials, as well as developments in our ophthalmology program during the second quarter," said Frederick Driscoll, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of OXiGENE. "We remain focused on three strategic development fronts: CA4P in oncology, CA4P in ophthalmology, and OXi4503, our second clinical stage candidate, currently in Phase I trials in oncology. Our attention is focused on advancing these promising agents into late-stage trials." Financial Results The net loss for the three months ended June 30, 2005 was $3.1 million, or $0.15 per share, compared with a net loss of $2.8 million, or $0.17 per share, in the second quarter of 2004. For the six-month period ended June 30, 2005, the net loss was $5.1 million, or $0.27 per share, compared with a net loss of $4.9 million, or $0.30 per share, for the comparable period in 2004. At June 30, 2005, OXiGENE had cash, cash equivalents and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has of approximately $38.9 million compared with approximately $30.5 million at December 31, 2004. About OXiGENE, Inc. OXiGENE is an emerging pharmaceutical company developing novel small-molecule therapeutics to treat cancer and eye diseases. The Company's major focus is the clinical advancement of drug candidates that selectively disrupt abnormal blood vessels Blood vessels Tubular channels for blood transport, of which there are three principal types: arteries, capillaries, and veins. Only the larger arteries and veins in the body bear distinct names. associated with solid tumor progression and visual impairment Visual Impairment Definition Total blindness is the inability to tell light from dark, or the total inability to see. Visual impairment or low vision is a severe reduction in vision that cannot be corrected with standard glasses or contact lenses and . OXiGENE is dedicated to leveraging its intellectual property position and therapeutic development expertise to bring life saving and enhancing medicines to patients. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain statements in this news release concerning OXiGENE's business are considered "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements include, but are not limited to the advancement of CA4P and OXi4503 into late-stage clinical trials. Any or all of the forward-looking statements in this press release may turn out to be wrong. They can be affected by inaccurate assumptions OXiGENE might make or by known or unknown risks and uncertainties, including, but not limited to: the early stage of product development; the ability to secure necessary patents; uncertainties as to the future success of ongoing and planned clinical trials; and the unproven unproven Dubious, nonscientific, not proven, quack, questionable, unscientific adjective Relating to that which has not been validated by reproducible experiments or other scientific methods for determining effect or efficacy safety and efficacy of products under development. Consequently, no forward-looking statement can be guaranteed, and actual results may vary materially. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in OXiGENE's reports to the Securities and Exchange Commission, including OXiGENE's 10-Q, 8-K and 10-K reports. However, OXiGENE undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise.
OXiGENE, Inc.
Condensed Balance Sheets (Unaudited)
(All amounts in 000's)
Assets June 30, December 31,
2005 2004
--------- ---------
Cash, cash equivalents and marketable
securities $ 38,886 $ 30,502
Licensing agreement 923 971
Other assets 486 284
--------- ---------
Total assets $ 40,295 $ 31,757
========= =========
Liabilities and stockholders' equity
Accounts payable and accrued expenses $ 2,463 $ 2,622
Total stockholders' equity 37,832 29,135
--------- ---------
Total liabilities and stockholders'
equity $ 40,295 $ 31,757
========= =========
OXiGENE, Inc.
Statements of Operations
(All amounts in 000's except per share amounts)
Three months ended Six months ended
------------------ ----------------
June 30, June 30,
---------------- ----------------
2005 2004 2005 2004
------- ------- ------- -------
(Unaudited) (Unaudited)
----------- -----------
License revenue $ - $ - $ - $ 7
Costs and expenses:
Research and development 1,570 1,870 2,787 2,822
General and administrative 1,796 1,072 2,793 2,332
-------- -------- -------- --------
Total costs and expenses: 3,366 2,942 5,580 5,154
Operating loss (3,366) (2,942) (5,580) (5,147)
Investment income 308 138 489 281
Other income, net - 1 5 1
Net loss $(3,058) $(2,803) $(5,086) $(4,865)
======== ======== ======== ========
Basic and diluted net loss per
common share $ (0.15) $ (0.17) $ (0.27) $ (0.30)
Weighted average number of common
shares outstanding 20,053 16,669 18,829 16,452
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