OXiGENE will evaluate cancer drug candidates

It is reported that OXiGENE has announced a restructuring plan aimed at focusing on the sources of capital for its early stage clinical projects and further reducing its cash utilization rate.

The company reported that a Phase 3 study by ZYBRESTAT for patients with anaplastic thyroid cancer (ATC) initiated by the company and funded by the company's financial resources is not feasible. It will continue to explore options for carrying out such a research, including possible cooperation with national and international head and neck cancer cooperative groups. Future decisions regarding the development of ZYBRESTAT in the treatment of ATC patients will be made after company management and the company board of directors review all options.

OXiGENE is concluding the Phase 2 trial (Falcon study) of ZYBRESTAT for the treatment of non-small cell lung cancer. No decision was made regarding the further development of the ZYBRESTAT treatment of non-small cell lung cancer patients. Any decision regarding the future development of the ZYBRESTAT treatment of NSCLC patients will be made after OXiGENE's management and board of directors review the final data.

OXiGENE plans to continue its Phase 1 study of OXi450 in the treatment of leukemia or myelodysplastic syndrome (MDS), which will be performed at the University of Florida. A randomized phase 2 study of ZYBRESTAT combined with bevacizumab in patients with recurrent ovarian cancer will also continue.

The company will evaluate its two candidate products - ZYBRESTAT and OXi4503 for additional early stage development opportunities.

"OXiGENE's management and board of directors have determined that the best course of action is to focus on advancing our early stages of clinical development planning while completing trials that we or clinical researchers have initiated," said OXiGENE's chief Executive Officer, MD, Ph.D., Ph.D., Peter Langecker said.