Oxigene seeking most valuable path, partnership for CA4P

By Jennifer Lanning Drey

Portland, Ore., Oct. 25 - Oxigene, Inc. is researching the most advantageous clinical development path for Combretastatin A4 Phosphate (CA4P), as well as searching for a partner to add value to the company, Oxigene's chief executive officer Richard Chin said during a company conference call on Wednesday.

Oxigene has selected anaplastic thyroid cancer as its lead indication for CA4P and believes the indication will provide the quickest route to market, he said.

"Our goal is to make careful investments with the highest likelihood of success and the fastest path to market, while being judicious about our spending," Chin said.

The company plans to meet with the Food and Drug Administration in the next few months to discuss the regulatory track for a study of CA4P for anaplastic thyroid cancer, including establishing trial endpoints and the proper strategy for interim analysis.

Oxigene is also studying CA4P in non-small cell lung cancer and ovarian cancer but may eventually decide not to move forward with either indication, or the company will select just one of the two, Chin said.

Oxigene is waiting to make a decision on whether to move forward with the ovarian cancer indication until it has data from a phase 2 clinical trial, which is currently underway in the United Kingdom. Initial efficacy data is expected by the end of the first quarter of 2007, according to the company's chief medical officer Peter Harris.

Oxigene also said that given recent preclinical findings suggesting synergy between CA4P and anti-Vascular Endothelial Growth Factor agents, the company plans to pursue combination therapy with CA4P and Avastin, either in non-small cell lung caner or other indications.

"We will absolutely move our programs forward as quickly as possible, but at the same time, we will absolutely make sure we are pursuing indications in a fashion that will ultimately lead, not just to clinical success, but also to regulatory success and commercial success," Chin said.

In its ophthalmology program, Oxigene has made progress on topical formulation work and has started oral formulation work.

"We believe that topical and oral formulation may open the door to the prophylactic market for age-related macular degeneration," Chin said.

Increased spending, discipline

Chin said Oxigene will increase spending as its clinical programs progress, but he also listed maintaining financial discipline as an ongoing goal for the company.

Oxigene had cash, cash equivalents and marketable securities of $48.5 million at Sept. 30, compared with $58.86 million at Dec. 31, 2005, according to a company news release.

The net loss for the third quarter was $3.7 million, or $0.14 per share, compared with a net loss of $3.4 million, or $0.17 per share, for the comparable period in 2005.

Oxigene is an emerging pharmaceutical company based in Waltham, Mass.

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