Exhibit 99.1
OXiGENE Reports Third Quarter 2004 Financial Results
WALTHAM, Mass.--(BUSINESS WIRE)--Oct. 28, 2004--OXiGENE, Inc.:
Recent Accomplishments
-- Announced positive pre-clinical data on OXi4503 at EORTC
-- Initiated additional Phase I clinical trial with CA4P in
advanced cervical cancer patients
-- Positive clinical and pre-clinical data on CA4P in combination
with radiotherapy presented at ESTRO
OXiGENE, Inc. (NASDAQ: OXGN, XSSE: OXGN), an emerging
pharmaceutical company developing novel small-molecule therapeutics to
treat cancer and eye diseases, today reported financial results for
the third quarter ended September 30, 2004.
Results
The net loss for the three months ended September 30, 2004 was
$2,910,000 or $0.17 per share, compared with a net loss of $3,354,000
or $0.24 per share, in the third quarter of 2003. For the nine-month
period ended September 30, 2004, the net loss was $7,775,000 or $0.47
per share, compared with a net loss of $6,676,000 or $0.53 per share,
for the comparable period in 2003.
At September 30, 2004, OXiGENE had cash and marketable securities
of $33,238,000 compared with $18,936,000 (including restricted cash)
at December 31, 2003.
Third Quarter Events
"I'm pleased with the continued progress we have made by
initiating a new cancer trial with CA4P as well as the announcements
of positive pre-clinical data on OXi4503 and positive clinical results
with CA4P in combination with radiotherapy," said Fred Driscoll,
President and Chief Executive Officer of OXiGENE. "We expect to
accomplish our remaining 2004 milestones which are to file with the
applicable regulatory bodies to move CA4P into myopic macular
degeneration and to receive clearance to enter into a Phase I trial
with OXi4503 in oncology."
As announced on September 14, 2004, OXiGENE has initiated a sixth
clinical trial with CA4P in oncology. This Phase I trial will study
CA4P in combination with cisplatin in advanced cervical cancer
patients. Dr. Jacob Lindegaard from the Arhus University Hospital in
Denmark will head up this study in conjunction with Nordic Society of
Gynecological Oncology (NSGO). The Denmark site has received the
necessary approvals to begin its study and the two additional sites in
Norway and the United Kingdom are in the process of obtaining their
approvals. Among the trial's objectives are safety, preliminary
evidence of efficacy, and a determination of the recommended Phase II
dose.
Data on OXiGENE's lead pre-clinical compound, OXi4503, was
presented at the European Organization for the Research and Treatment
of Cancer (EORTC) Symposium on Molecular Targets and Cancer
Therapeutics which took place in Geneva, Switzerland in late
September. The findings from these studies are consistent with
previously seen data indicating that OXi4503 has an additional and
distinct mechanism of action compared to the Company's lead vascular
targeting agent, CA4P. This additional mechanism may enable
destruction of the outside rim of cells residing next to and feeding
off of the blood vessels in the surrounding normal tissue in addition
to its ability to attack the central regions of the tumor.
Most recently, the Company announced that new data on the
combination of CA4P and radiation was presented at the European
Society for Therapeutic Radiology and Oncology (ESTRO) meeting in
Amsterdam that began this week. Michael Horsman of the Arhus
University Hospital in Denmark presented pre-clinical data on CA4P in
combination with radiotherapy. The results show that CA4P
significantly enhances the anti-tumor effects of radiation without
enhancing normal tissue damage due to treatment. Professor Peter
Hoskin presented data from the ongoing Phase Ib trial at Mount Vernon
hospital in the UK. In this study, where CA4P is used in conjunction
with external beam radiotherapy, prolonged reductions in tumor blood
flow were seen following CA4P treatment. This finding is particularly
encouraging since in pre-clinical models such blood flow reductions
induced by CA4P post radiotherapy have been associated with enhanced
treatment response.
Third Quarter Conference Call Information
In conjunction with its third 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: Thursday, October 28, 2004
Dial-in numbers: 800-822-4794 (U.S.)
913-981-4912 (international)
Webcast: www.oxigene.com
A replay will be available starting at 2:00 p.m. ET (1:00 p.m. CT,
12:00 noon MT & 11:00 a.m. PT) and ending at midnight ET, November
3rd. To access the replay, dial 888-203-1112 (domestic) or
719-457-0820 (international) and refer to reservation number 837263.
About OXiGENE
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 associated with solid
tumor progression and visual impairment. OXiGENE is dedicated to
leveraging its intellectual property position and therapeutic
development expertise to bring life saving and enhancing medicines to
patients.
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 accomplishment of the
additional 2004 milestones, the completion of necessary study-site
approvals associated with the cervical cancer trial using CA4P in
combination with cisplatin, the efficacy of OXi4503 and its ability to
attack cells at the tumor's periphery through a secondary mechanism of
action, and the efficacy of CA4P in combination with radiotherapy. 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)
Assets September 30, December 31,
2004 2003
----------- ------------
Cash, marketable securities and
restricted cash $ 33,238 $ 18,936
Licensing agreement 996 1,069
Other assets 323 200
----------- ------------
Total assets $ 34,557 $ 20,205
=========== ============
Liabilities and stockholders' equity
Accounts payable $ 1,306 $ 1,701
Accrued expenses 1,964 2,034
Total stockholders' equity 31,287 16,470
----------- ------------
Total liabilities and stockholders'
equity $ 34,557 $ 20,205
=========== ============
OXiGENE, Inc
Consolidated Statements of Operations
(All amounts in 000's except per share amounts)
(Unaudited)
Three months Nine months
ended ended
September 30, September 30,
------------------ ---------------
2004 2003 2004 2003
------- ------- ------- -------
License revenue $ - $ - $ 7 $ 20
Costs and expenses:
Research and development 1,813 1,385 4,587 2,508
General and administrative 1,209 2,017 3,541 4,259
Amortization of license agreement 24 24 73 69
------- ------- ------- -------
Total costs and expenses: 3,046 3,426 8,201 6,836
Operating loss (3,046) (3,426) (8,194) (6,816)
Investment income 140 78 421 172
Interest expense - (6) - (31)
Other expense, net (4) - (2) (1)
Net loss $(2,910) $(3,354) $(7,775)$(6,676)
======= ======= ======= =======
Basic and diluted net loss per
common share $ (0.17) $ (0.24) $ (0.47)$ (0.53)
Weighted average number
of common shares outstanding 16,668 14,007 16,524 12,611
CONTACT: OXiGENE, Inc.
Courtney Harris, 781-547-5907
charris@oxigene.com
or
MacDougall BioCommunications
Chris Erdman, 508-647-0209
cerdman@macbiocom.com