EXHIBIT 99.1
PRESS RELEASE
PEREGRINE AND OXIGENE CONCLUDE ARCUS THERAPEUTICS LLC JOINT VENTURE
COMPANIES REACQUIRE FULL RIGHTS TO RESPECTIVE VASCULAR TARGETING TECHNOLOGIES
TUSTIN, CALIF. AND WATERTOWN, MASS., FEBRUARY 28, 2002 -- OXiGENE, Inc. (Nasdaq:
OXGN, SSE: OXGN) and Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM) today
announced an agreement to conclude their Arcus Therapeutics, LLC joint venture
(Arcus). Under the terms of the agreement, Peregrine will pay OXiGENE $2,000,000
and will reacquire full rights and interest to the vascular targeting platform
it contributed to the joint venture, as well as any new discoveries to its
contributed technology. OXiGENE will reacquire full rights and interest to its
vascular targeting technology including any new discoveries based on its
contribution. The joint venture will be concluded after all technology has been
distributed to its respective owners.
The Arcus joint venture, which was formed in May 2000, was established to focus
on specialized development of anti-cancer compounds called vascular targeting
agents (VTA). VTAs work by attacking the existing blood supply of solid tumors
and blocking the flow of blood to the cancer cells, resulting in an avalanche of
cancer cell death. Peregrine and OXiGENE brought different aspects of vascular
targeting technology to the joint venture. Peregrine is focused on coaguligand
antibody technology, vascular targeting agents that bind specifically to markers
in the tumor vasculature and create blood clots that cut off the blood supply to
the tumor. OXiGENE focuses on development of drugs that change the shape of
cells within the tumor's vascular structure thereby blocking blood flow and
reducing the blood supply to the tumor.
"By concluding Arcus, OXiGENE will be able to dedicate more resources to the
human clinical testing of its most advanced vascular targeting agent,
Combretastatin A4 Prodrug," said Bjorn Nordenvall, M.D., Ph.D., OXiGENE's chief
executive officer. "OXiGENE has successfully completed several Combretastatin A4
Prodrug Phase I human clinical trials involving nearly 100 patients. We believe
the preliminary clinical results were very promising, so we intend to initiate a
Phase Ib clinical study in combination with chemotherapy or radiation, and a
Phase II clinical study this year. We also intend to continue pre-clinical
development of our next-generation vascular targeting agent, Oxi-4503."
"Peregrine intends to focus on the licensing of its VTA technology for
compound-specific uses, thus maximizing the value of the technology platform,"
said Edward Legere, Peregrine's president and chief executive officer. "As
previously announced, we will continue to advance our existing anti-vascular
compounds towards human clinical testing. Significant progress has been made in
the development of fully human vascular targeting antibody candidates. Once
these human antibody candidates are developed, we intend to test them for
suitability in human clinical studies as vascular targeting agents."
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ABOUT PEREGRINE PHARMACEUTICALS, INC.
Peregrine Pharmaceuticals is a biopharmaceutical company focused on the
development, commercialization, and licensing of unique technologies for the
treatment of cancer, primarily based on its "collateral targeting technologies."
These technologies target cell structures and cell types that are common among
solid tumor cancers, giving them broad applicability across various tumor types.
In clinical and pre-clinical studies, collateral targeting technologies have
been shown to deliver various anti-cancer compounds selectively to the tumor
site without causing damage to surrounding healthy tissue. Copies of Peregrine
press releases, SEC filings, current price quotes and other valuable information
for investors may be found on the company's web site,
http://www.peregrineinc.com.
ABOUT OXIGENE, INC.
OXiGENE, an international biopharmaceutical company, is the world leader in
vascular targeting agents that destroy existing blood vessels associated with
cancerous tumors, and which may have an application in the treatment of
restenosis, certain forms of ocular disease and other conditions. With its
flagship family of Combretastatin-based vascular targeting agents, OXiGENE is
developing a diverse portfolio of innovative products to combat these
conditions. OXiGENE is using its proprietary vascular targeting technology to
develop new drugs that will enhance the effectiveness of traditional cancer
treatments and to introduce innovative therapies that attack cancer and other
diseases. For more information about OXiGENE, please visit www.oxigene.com.
This press release contains "forward-looking statements" which are made pursuant
to the safe harbor provisions of the Securities Litigation Reform Act of 1995.
Forward-looking statements give our current expectations or forecasts of future
events and use words such as "intend," "anticipate, " "estimate, " "believe, "
"could," "may," "expects," and other words of similar meaning, as well as verbs
that reflect future tense. These statements include those relating to the
intention of OXiGENE and Peregrine to conclude the Arcus joint venture,
OXiGENE's plans to initiate Phase Ib clinical trials and continue pre-clinical
development of Oxi-453 and Peregrine's intention to license its technology and
advance its compounds into human clinical testing. Any or all of the
forward-looking statements in this press release may turn out to be wrong and
actual results could differ materially. They can be affected by inaccurate
assumptions we might make or by known or unknown risks and uncertainties that
include, but are not limited to, in the case of each of Peregrine and OXiGENE,
the efficacy of the company's technology and its efficacy at acceptable dosage
levels, the ability of the company to raise capital when needed and on
reasonable terms, successful clinical trial results, developing the necessary
manufacturing processes and gaining all necessary regulatory approvals.
Consequently, no forward-looking statement can be guaranteed and actual results
may vary materially. Additional information concerning factors that could cause
the actual results of Peregrine and OXiGENE to materially differ from those in
the forward-looking statements are contained in the reports of OXiGENE and
Peregrine filed with the Securities and Exchange Commission including 10-Q, 8-K
and 10-K reports.
PEREGRINE CONTACTS:
MEDIA: INVESTOR:
ALEX BOESE FRANK HAWKINS
Atkins & Associates Hawk Associates, Inc.
(858) 860-0266 (800) 987-8256
aboese@atkinsassociates.com http://www.hawkassociates.com
OXIGENE CONTACTS:
OXIGENE, INC. SHARON MERRILL ASSOCIATES, INC.
Tammy Bishop David Calusdian (Investors)
Director of Investor Relations and Scott Solomon (Media)
Corporate Communications (617) 542-5300
(617) 673-7826 dcalusdian@investorrelations.com
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tbishop@oxigene.com ssolomon@investorrelations.com
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