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Oxigene posts $5.4 million net loss in first quarter

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WALTHAM, Mass. — Oxigene reported a $5.4 million net loss, or $0.19 per share, for the first quarter, compared with a net loss of $3.9 million, or $0.14 per share, for the first quarter of 2007, the company announced in a press release.

The deficit was primarily due to clinical development costs, as well as other ongoing clinical trials and drug development activities, according to the release.

Oxigene's cash, cash equivalents and marketable securities totaled $23.1 million for the first quarter, compared with approximately $28.4 million for the fourth quarter of 2007.

In March, Oxigene reported positive preclinical results from a primate ocular penetration study of two formulations of topical Zybrestat (fosbretabulin). The company said it believes both concentrations may be sufficient for therapeutic activity in ophthalmic indications.

Oxigene plans to file an investigational new drug application for its topical Zybrestat ophthalmology program by the end of the year and will continue preclinical studies to determine the drug's therapeutic index and optimal dosing regimen, the release said.