Oxigene says net loss widens to $11.9 million in 2005

By Angela McDaniels

Seattle, March 1 - Oxigene Inc.'s net loss increased by 19% to $11.9 million, or $0.61 per share, for the year ended Dec. 31 from $10.0 million, or $0.61 per share, in 2004, according to a company news release.

The unchanged per-share price year over year reflected an increase in the number of shares outstanding to 19,664,000 shares in 2005 from 16,560,000 the year before.

For the fourth quarter, net loss increased by 55% to $3.4 million, or $0.16 per share, from $2.2 million, or $0.13 per share, in the fourth quarter of 2004.

At Dec. 31, Oxigene had $58.9 million of cash, cash equivalents and marketable securities, compared with $30.5 million a year earlier.

The company predicted that its cash utilization in 2006 will be $14 million to $18 million.

"Our primary objective in 2006 is to ensure that we continue to drive forward our core clinical programs," president and chief executive officer Frederick Driscoll said in the release.

Oxigene is an emerging pharmaceutical company developing novel small-molecule therapeutics to treat cancer and eye diseases.

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