OXiGENE restructures after failed merger with VaxGen, focusing resources on key programs

15 February 2010

US cancer and eye disease drug developer OXiGENE has revealed a restructuring plan designed to focus resources on the company's highest-value clinical assets and reduce its cash utilization. The move follows the failure of its previously-announced merger with VaxGen, which failed to receive the majority of the latter shareholders' backing earlier this month.

Key aspects of the restructuring and its effects on the company's current clinical trials are:

' OXiGENE will continue to advance its high-priority Phase II Zybrestat (combretastatin A4 phosphate) trial in non-small cell lung cancer (FALCON study), with updated safety and efficacy results anticipated for presentation at the upcoming American Society of Clinical Oncology (ASCO) meeting in June 2010.

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