OXiGENE, Inc (OXGN) stock just dropped hard after the company came out with news of a restructuring plan. Shares of OXiGENE, Inc (OXGN) are currently trading at $1.14, Down 35%.
September. 1, 2011 - OXiGENE, Inc. (Nasdaq:OXGN - News), a clinical-stage, biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases, announced today a restructuring plan designed to focus the Company's capital resources on its most promising early-stage clinical programs and further reduce its cash utilization. Key aspects of the restructuring and its effects on the Company's current and planned clinical trials are as follows:
• At this time, a Company sponsored Phase 3 registrational study of ZYBRESTAT in patients with anaplastic thyroid cancer (ATC) funded by Company financial resources is not feasible. OXiGENE will continue to explore options for conducting such a study, including potential collaborations with national and international head and neck cancer cooperative groups. Future development decisions concerning ZYBRESTAT in patients with ATC will be made following a review of all options by OXiGENE's management and its board of directors.
• OXiGENE is concluding its Phase 2 ZYBRESTAT trial in non-small cell lung cancer (FALCON study). At this time, no decision regarding further development of the study of ZYBRESTAT in patients with NSCLC has been made. Any future development decisions concerning the study of ZYBRESTAT in patients with NSCLC will be made following review of final data by OXiGENE's management and its board of directors.
• OXiGENE plans to continue its investigator-sponsored Phase 1 trial of OXi4503 in patients with AML or myelodysplastic syndrome (MDS), being conducted at the University of Florida and with support by The Leukemia & Lymphoma Society's Therapy Acceleration Program.
• OXiGENE plans to continue its randomized Phase 2 trial of ZYBRESTAT in combination with bevacizumab in patients with relapsed ovarian cancer, which is an NCI-sponsored study conducted by the Gynecologic Oncology Group (GOG), an organization dedicated to clinical research in the field of gynecologic cancer.
• OXiGENE will evaluate additional early-stage development opportunities for its two product candidates, ZYBRESTAT and OXi4503, subject to available resources at the time.
• The Company is reducing its workforce by 11 full-time equivalent employees or approximately 61%.
• The Company will seek to reduce the amount of space it currently rents to conduct its operations as soon as practicable.
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