Exhibit 99.1
OXiGENE Reports First Quarter 2004 Financial Results
WALTHAM, Mass.--(BUSINESS WIRE)--April 28, 2004--OXiGENE, Inc.
(NASDAQ: OXGN, XSSE: OXGN)
Recent Accomplishments
-- Announced positive pre-clinical data on OXi4503 at AACR
-- Raised net proceeds of $22.3 million
-- Strengthened management team
-- Received European Union Orphan Drug Designation for CA4P
OXiGENE, Inc. (NASDAQ: OXGN, XSSE: OXGN), a leading developer of
biopharmaceutical compounds designed to target aberrant blood vessels
within solid tumor cancers and ocular neovascular diseases, today
reported financial results for the first quarter ended March 31, 2004.
Licensing revenue for the first quarter of 2004 was $7,000
compared with $20,000 in the same period of 2003. The net loss for the
three months ended March 31, 2004 was $2.1 million, or $0.13 per
share, compared with a net loss of $1.5 million, or $0.12 per share,
in the first quarter of 2003. Total operating expenses increased 44
percent in the first quarter of 2004 to $2.2 million from $1.5 million
in the first quarter of 2003. This increase reflects higher research
and development expenses and general and administrative costs. The R&D
expenses are related to the ongoing clinical trials of the Company's
lead compound, Combretastatin A4 Prodrug (CA4P), and to the
advancement of OXi4503 into numerous pre-clinical tests. Since the end
of the first quarter of 2003, CA4P has advanced into three human
clinical trials in cancer and one in ophthalmology. The G&A costs are
associated with the strengthening and retention of Company management
and increased professional service fees in connection with being a
public company.
At March 31, 2004, OXiGENE had cash and available-for-sale
securities of $39.0 million, up from $18.9 million at December 31,
2003.
Patient enrollment is well underway in the six post-Phase I human
studies of CA4P. These studies -- five in cancer and one in
ophthalmology -- will enroll a total of approximately 200 patients in
addition to the 100 patients treated in the Company's initial Phase I
studies.
At next month's 2nd International Vascular Targeting Conference in
Florida, clinical investigators involved in several of the current
clinical trials of CA4P are scheduled to present in the conference's
Clinical Developments section. These investigators are involved in: 1)
the Phase I/II study of CA4P in combination with the chemotherapy
drugs Carboplatin/Paclitaxel in patients with advanced cancer and
advanced ovarian carcinoma; 2) the Phase I/II combination trial of
CA4P and radiotherapy in patients with advanced cancer of the lung,
head & neck and prostate; and 3) the Phase I/II ophthalmology study of
CA4P in patients with wet age-related macular degeneration.
During the first quarter of 2004, pre-clinical data on OXiGENE's
lead pre-clinical compound, OXi4503, was presented at the American
Association for Cancer Research's 95th Annual Meeting. One study
assessed the synergistic effects of OXi4503 with standard-of-care
chemotherapy drugs Carboplatin and Paclitaxel in human breast and
ovarian carcinoma models grown in mice. Another study measured
OXi4503's pre-clinical efficacy and histopathologic effects in rodent
KHT and human KSY sarcoma models and in a Caki-1 model of human renal
cell carcinoma.
Cancer Research UK, the world's largest volunteer-sponsored cancer
research organization, is conducting pre-clinical toxicology testing
on OXi4503. "Cancer Research UK is making steady progress in readying
OXi4503 for study in humans," said Fred Driscoll, OXiGENE's president
and chief executive officer. "Dose-escalating toxicology studies of
the compound are being conducted in animals, and the data collected
from these studies will be used to design the protocol for our initial
study of the compound in humans. Pre-clinical testing continues on
schedule, and we expect that OXi4503 will enter the clinic by the end
of this year."
Other recent highlights include:
-- OXiGENE generated net proceeds of $22.3 million through a sale
of 2,755,695 shares of Common Stock to certain institutional
investors at $8.78 per share.
-- James B. Murphy was hired as OXiGENE's chief financial officer
and Scott L. Young, previously the Company's vice president of
clinical and regulatory affairs, was promoted to the newly
created post of chief operating officer.
-- Retinal surgeon Eugene de Juan, Jr., M.D. was named to the
Company's Clinical Trial Advisory Board. A professor of
ophthalmology at the University of Southern California's Keck
School of Medicine, de Juan will advise OXiGENE on the design
of future ophthalmology trials and clinical study site
selection.
-- The Orphan Drug Medicinal Product Designation was awarded to
CA4P as a treatment for anaplastic thyroid cancer. The
designation would provide OXiGENE with market exclusivity in
the European Union for 10 years following CA4P's market
authorization.
First-quarter Conference Call Information
In conjunction with its first-quarter financial results, OXiGENE's
senior management will conduct a conference call at 10:00 a.m. ET
today.
Time: 10:00 a.m. ET
Date: Wednesday, April 28, 2004
Dial-in numbers: 888-208-1814 (U.S.)
719-457-2655 (international)
Webcast: www.oxigene.com
A replay of the call will be available beginning approximately two
hours after the call and ending at midnight ET Tuesday, May 4. To
access the replay, dial 888-203-1112 (domestic) or 719-457-0820
(international) and refer to reservation number 640356.
About OXiGENE
OXiGENE is the world leader in the development of vascular
targeting agents (VTAs), novel biopharmaceutical compounds designed to
selectively target and destroy new blood vessels. The Company's lead
compound, Combretastatin A4 Prodrug (CA4P), is in clinical development
in patients with solid tumor cancers and wet age-related macular
degeneration. Three other OXiGENE VTAs, OXi4503, OXi6197 and OXi8007,
are in pre-clinical development. For more information about OXiGENE,
visit www.oxigene.com.
Safe Harbor Statement
Statements in this news release concerning OXiGENE's business
outlook are considered "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements include, but are not limited to: the expectation that
clinical investigators involved in three current trials of CA4P will
present during the Clinical Developments section of the 2nd
International Vascular Targeting Conference; the role of Eugene de
Juan, Jr., M.D. on the Company's Clinical Trial Advisory Board; the
expected progress of pre-clinical trials of OXi4503; and the
expectation that OXi4503 will enter clinical trials in 2004. 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 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 are 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 Consolidated Balance Sheets
(All amounts in 000's)
March 31, December 31,
2004 2003
--------------------------
(Unaudited)
Assets
Cash, available-for-sale securities and
restricted cash $ 39,025 $ 18,936
Licensing agreement 1,044 1,069
Furniture, fixtures and equipment, net 52 44
Other assets 759 156
--------------------------
Total assets $ 40,880 $ 20,205
=========== ===========
Liabilities and stockholders' equity
Accounts payable $ 1,593 $ 1,701
Accrued expenses 2,148 2,034
Total stockholders' equity 37,139 16,470
--------------------------
Total liabilities and stockholders'
equity $ 40,880 $ 20,205
=========== ===========
OXiGENE, Inc.
Consolidated Statements of Operations
(All amounts in 000's except per share amounts)
Three months ended
--------------------------
March 31,
--------------------------
2004 2003
--------------------------
(Unaudited)
--------------------------
License revenue $ 7 $ 20
Costs and expenses:
Research and development 929 726
General and administrative 1,259 791
Amortization of license agreement 24 20
----------- -----------
Total costs and expenses: 2,212 1,537
Operating loss (2,205) (1,517)
Investment income 143 49
Interest expense - (7)
Other expense, net - (1)
Net loss $ (2,062) $ (1,476)
=========== ===========
Basic and diluted net loss per common share $ (0.13) $ (0.12)
Weighted average number of common shares
outstanding 16,236 12,637
CONTACT: Sharon Merrill Associates, Inc.
David Calusdian (Investors), 617-542-5300
dcalusdian@investorrelations.com
or
Scott Solomon (Media), 617-542-5300
ssolomon@investorrelations.com