OXiGENE, Inc. (OXGN) announced restructuring of its clinical programs & new focus of the company:
Phase 3 registrational study of ZYBRESTAT in patients with anaplastic thyroid cancer & Phase 2 ZYBRESTAT trial in non-small cell lung cancer have been put on hold.
Investigator-sponsored Phase 1 trial of OXi4503 in patients with AML or myelodysplastic syndrome & randomized Phase 2 trial of ZYBRESTAT in combination with bevacizumab in patients with relapsed ovarian cancer are continued.
Moreover, company is reducing its workforce by 11 full-time employees which is representing 61% of the current workforce.
Market reaction was so predictable – OXGN shares plunged over 44% at pre-market trading.
Just a reminder: “One man’s trash is another man’s treasure“. That’s why we’re constantly playing Nasdaq’s bouncers. Traders jumped on OXGN‘s board & stock bounced from $1.04 daily lows to $1.47 since we alerted this play to our Twitter followers. 40% gain in 30min of trading – how is this sound to you?
701 Gateway Boulevard Suite 210
South San Francisco, CA 94080
OXiGENE is a biopharmaceutical company whose mission is finding and developing new and improved therapeutics that can deliver significant medical benefits to patients with cancer and sight-threatening eye diseases and conditions.