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OXiGENE to initiate phase 2 studies with intravenous formulation to combat AMD
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WALTHAM, Mass. — OXiGENE is planning to initiate phase 2 studies of intravenous administration of fosbretabulin for use in age-related macular degeneration, the company reported in its third-quarter financial results.
"In support of its objective to develop a topical formulation of Zybrestat (fosbretabulin) for ophthalmological diseases and conditions, the company expects to initiate by mid-2009 one or two phase 2 proof-of-mechanism studies with Zybrestat, administered intravenously, to patients with age-related macular degeneration and/or similar diseases," according to a press release. Initial results are scheduled to be reported in mid-2010.
Fosbretabulin is a small-molecule drug candidate, or vascular disrupting agent, and OXiGENE also intends to develop the formula in a convenient, patient-friendly topical formulation for ophthalmic indications. Fosbretabulin is also being investigated as a vascular disrupting agent to selectively target and collapse cancer tumor vasculature.
For the third quarter, OXiGENE had a net loss of $7.1 million compared with a net loss of $5.3 million in the third quarter of 2007. The company attributed the higher loss to an increase in clinical development activities and management of ongoing trials and drug development activities.