OXiGENE Inc. announced a restructuring plan designed to focus the company’s capital resources on its early-stage clinical programs and further reduce its cash utilization.
A company-sponsored Phase 3 study of Zybrestat in patients with anaplastic thyroid cancer (ATC) funded by company financial resources is not feasible, the company reports. It 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 company management and its board of directors.
OXiGENE is concluding its Phase 2 Zybrestat trial in non-small cell lung cancer (Falcon study). 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; a randomized Phase 2 trial of Zybrestat in combination with bevacizumab in patients with relapsed ovarian cancer, will also continue.
Additional early-stage development opportunities for its two product candidates, Zybrestat and OXi4503, will be evaluated.
The company plans to reduce its workforce by approximately 61% and will seek to reduce the amount of space it currently rents to conduct its operations as soon as practicable.
“OXiGENE’s management and board have determined that the optimal course of action is to focus on advancing our earlier stage clinical development programs while completing the trials we or clinical investigators have initiated,” says Peter Langecker, MD, PhD, OXiGENE’s chief executive officer.
Release Date: Sept. 1, 2011
Source: OXiGENE, Inc.
Filed Under: Drug Discovery