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OXiGENE Inc. (OXGN) Enters into Collaborative Agreement with National Cancer Institute for Cancer Drug

|Includes: Mateon Therapeutics, Inc. (MATN)

OXiGENE Inc., a clinical-stage biopharmaceutical company focused on developing novel therapeutics to treat cancer and eye diseases, has entered into a cooperative research and development agreement with the National Cancer Institute’s (NYSE:NCI) Cancer Therapy Evaluation Program (CTEP) to collaborate on the conduct of a randomized phase 2 trial of OXiGENE’s ZYBRESTAT in combination with bevacizumab in patients with relapsed ovarian cancer.

The goal of the trial is to determine if ZYBRESTAT, in combination with bevacizumab, will enhance anti-tumor effects and delay progression of the tumor compared to results of bevacizumab alone.

The agreement calls for OXiGENE to provide ZYBRESTAT to NCI for an NCI-sponsored study conducted by the Gynecologic Oncology Group (GOG), an organization focused on clinical research in the field of gynecologic cancer.

OXiGENE said enrollment of patients for the phase 2 study will commence in the second quarter of 2011, with full results to become available in early 2013.

OXiGENE noted earlier positive phase 2 data in a study of ZYBRESTAT with ovarian cancer, in which 25 percent of the 44 patients enrolled in the study confirmed partial responses. The combination regimen of ZYBRESTAT and carboplatin plus paclitaxel chemotherapy was observed to be well-tolerated with approximately half of the patients completing all six cycles of therapy.

“Based on the encouraging data from both an earlier phase 2 trial of ZYBRESTAT and chemotherapy in platinum-resistant ovarian cancer, and from our FALCON study of ZYBRESTAT plus bevacizumab in non-small cell lung cancer, we have been eager to continue exploration of combination therapy in patients with relapsed ovarian cancer, which is a highly difficult-to-treat disease. The finalization of this agreement is a critical milestone for OXiGENE, and exemplifies our strategy to leverage our assets through collaborations and continue to demonstrate the therapeutic potential of our vascular disrupting agents in major tumor types. We look forward to working with the GOG and NCI/CTEP to bring this new combination to patients,” Peter J. Langecker, M.D., Ph.D., OXiGENE CEO stated in the press release.

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