OXiGENE says Zybrestat Ph III study not feasible; cuts workforce as part of restructuring
California, USA biotech OXiGENE (Nasdaq: OXGN), a clinical-stage, company developing novel therapeutics to treat cancer and eye diseases, has announced a significant restructuring progam, including staff cuts, to focus the company's capital resources on its most promising early-stage clinical programs and further reduce its cash utilization.
This is OxiGene’s second restructuring in little more than a year; the first followed the failure of a planned merger with VaxGen (The Pharma Letter February 15, 2010). The company’s shares dropped 36% to $1.13 in premarket trading and are off 62% so far this year, the Wall Street Journal reporting, noting that the stock approached $50 a share in the summer of 2009.
Key aspects of the restructuring and its effects on the company's current and planned clinical trials are as follows:
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