Oxigene reports first-quarter net loss of $3.3 million

By Lisa Kerner

Erie, Pa., April 26 - Oxigene, reporting its first-quarter 2006 financial results, had a net loss for the three months ended March 31, of $3.3 million, or $0.12 per share, compared with a net loss of $2.0 million, or $0.12 per share, in the first quarter 2005.

As of March 31, Oxigene had cash, cash equivalents and marketable securities of approximately $55.4 million, compared with approximately $58.9 million at Dec. 31, 2005.

"Following what we believe was a very strong conclusion to fiscal year-end 2005, the first quarter of 2006 was marked with clinical progress and operational successes," president and chief executive officer Frederick Driscoll said in a news release.

"We remain steadfast in our commitment to achieving the requisite steps necessary to begin patient enrollment later this year in our U.S. and European clinical trials in NSCLC [non-small cell lung cancer], and we continue to concentrate our efforts on driving patient enrollment in Oxigene's core clinical programs in oncology and ophthalmology indications."

Oxigene completed patient enrollment a phase 2 clinical trial of CA4P in imageable, solid tumors, while the company's second clinical candidate, OXi4503, continues to be evaluated in a phase 1 dose-escalating safety trial.

Also in the first quarter, Oxigene announced the issuance of U.S. Patent No. 7,018,987 for novel methods of synthesizing its lead therapeutic candidate, CA4P.

Located in Waltham, Mass., Oxigene is an emerging pharmaceutical company developing novel small-molecule therapeutics to treat cancer and eye diseases.

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