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Oxigene reports $20.4 million net loss for 2007

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WALTHAM, Mass. — Oxigene reported a $5.8 million net loss, or $0.21 per share, for the fourth quarter of 2007 and a net loss of $20.4 million, or $0.73 per share, for the full year, the company announced in a press release.

Oxigene attributed the deficit to an increase in operating expenses, including clinical development costs related to the Zybrestat (fosbretabulin) registration trial for treating anaplastic thyroid cancer, as well as other ongoing studies and drug development initiatives, according to a press release from the company.

Full-year 2007 cash, cash equivalents and marketable securities totaled $28.4 million, compared with $45.8 million in 2006, the release said.

In December, Oxigene reported positive preclinical ocular penetration data from a topical formulation of Zybrestat. The company said it believes the drug could be used for therapeutic activity in eye diseases such as age-related macular degeneration, diabetic retinopathy and neovascular glaucoma.