OXiGENE Inc. (OXGN, Financial) filed Quarterly Report for the period ended 2009-03-31.
OXiGENE Inc. is an international biopharmaceutical company engaged principally in research into and the development of products for use in the treatment of cancer and other major diseases. OXiGENE Inc. has a market cap of $48.4 million; its shares were traded at around $1.05 . OXiGENE Inc. had an annual average earning growth of 10.4% over the past 5 years.
The decrease of $148,000 in stock-based compensation in the first quarter of 2009 from the first quarter of 2008 is primarily related to the forfeiture of restricted shares and options during the fourth quarter of 2008 and first quarter of 2009. The decrease in consulting and professional service expenses is attributable to decreases in Board of Director and related committee fees and legal costs offset by increases in general corporate contracted services costs. These decreases were partially offset by an increase in facilities related costs of $288,000 due primarily to the new lease we entered into in our South San Francisco, California facility.
To date, we have financed our operations principally through net proceeds received from private and public equity financing and beginning in the fourth quarter 2008, from our strategic development arrangement with Symphony. We have experienced net losses and negative cash flow from operations each year since our inception, except in fiscal 2000. As of March 31, 2009, we had an accumulated deficit of approximately $164,753,000. We expect to continue to incur increased expenses, resulting in losses, over at least the next several years due to, among other factors, our continuing and planned clinical trials and anticipated research and development activities. We had cash, cash equivalents and available-for-sale securities of approximately $12,219,000 at March 31, 2009. In addition, investments held by Symphony ViDA Inc. were $13,777,000 as of March 31, 2009. These investments held by Symphony ViDA, Inc. are dedicated to fund programs licensed by us to Symphony ViDA, Inc. and are not available for general corporate purposes.
Non-cash adjustments to net loss in the three month period ended March 31, 2009 were due primarily to compensation expense of $186,000 related to the issuance of options and restricted stock. The net change in operating assets and liabilities is attributable to an increase in prepaid expenses partially offset by a decrease in other assets totaling $330,000 and an increase in accounts payable offset by a decrease in accrued expenses totaling $259,000. The decrease in available for sale securities and the associated decrease in cash and cash equivalents were primarily attributable to our short- term clinical trial needs and the cash requirements to fund those needs.
Losses incurred by ViDA in support of ZYBRESTAT for ophthalmology and OXi4503 for the quarter ended March 31, 2009 were $1,023,000. We expect the marketable securities of $13,777,000 held by ViDA to finance the ViDA programs through the first quarter of 2010. As noted above, our agreements with Symphony provide for additional funding commitments by both Symphony and us, subject to certain conditions.
Payments under the pre-clinical, product development and clinical development contracts are based on the completion of activities as specified in the contract. The amounts in the table above assume the successful completion by third-party contractors of all activities contemplated in the agreements with such parties. In addition, not included in the operating leases above is sublease income, which is expected to total approximately $279,000 for the 12-month period ending March 31, 2010, and lease payments of approximately $152,000 under a lease for our new office space in Waltham, Massachusetts entered into in April 2009.
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OXiGENE Inc. is an international biopharmaceutical company engaged principally in research into and the development of products for use in the treatment of cancer and other major diseases. OXiGENE Inc. has a market cap of $48.4 million; its shares were traded at around $1.05 . OXiGENE Inc. had an annual average earning growth of 10.4% over the past 5 years.
Highlight of Business Operations:
The more significant components of the increase in research and development expenses of $979,000 for the three months ended March 31, 2009 from the comparable period in 2008 were increased spending for our potential product development programs with outside service providers and contractors and our internal resources to support these development programs. We experienced increases in all three of our development programs offset by decreases in our discovery research programs and general development consulting costs as we have added more internal staff. The increase in our employee compensation and related costs of of $642,000 (60%) reflects an increase in the number of employee equivalents in 2009 over 2008 levels, as well as more experienced staff at higher average compensation levels.The decrease of $148,000 in stock-based compensation in the first quarter of 2009 from the first quarter of 2008 is primarily related to the forfeiture of restricted shares and options during the fourth quarter of 2008 and first quarter of 2009. The decrease in consulting and professional service expenses is attributable to decreases in Board of Director and related committee fees and legal costs offset by increases in general corporate contracted services costs. These decreases were partially offset by an increase in facilities related costs of $288,000 due primarily to the new lease we entered into in our South San Francisco, California facility.
To date, we have financed our operations principally through net proceeds received from private and public equity financing and beginning in the fourth quarter 2008, from our strategic development arrangement with Symphony. We have experienced net losses and negative cash flow from operations each year since our inception, except in fiscal 2000. As of March 31, 2009, we had an accumulated deficit of approximately $164,753,000. We expect to continue to incur increased expenses, resulting in losses, over at least the next several years due to, among other factors, our continuing and planned clinical trials and anticipated research and development activities. We had cash, cash equivalents and available-for-sale securities of approximately $12,219,000 at March 31, 2009. In addition, investments held by Symphony ViDA Inc. were $13,777,000 as of March 31, 2009. These investments held by Symphony ViDA, Inc. are dedicated to fund programs licensed by us to Symphony ViDA, Inc. and are not available for general corporate purposes.
Non-cash adjustments to net loss in the three month period ended March 31, 2009 were due primarily to compensation expense of $186,000 related to the issuance of options and restricted stock. The net change in operating assets and liabilities is attributable to an increase in prepaid expenses partially offset by a decrease in other assets totaling $330,000 and an increase in accounts payable offset by a decrease in accrued expenses totaling $259,000. The decrease in available for sale securities and the associated decrease in cash and cash equivalents were primarily attributable to our short- term clinical trial needs and the cash requirements to fund those needs.
Losses incurred by ViDA in support of ZYBRESTAT for ophthalmology and OXi4503 for the quarter ended March 31, 2009 were $1,023,000. We expect the marketable securities of $13,777,000 held by ViDA to finance the ViDA programs through the first quarter of 2010. As noted above, our agreements with Symphony provide for additional funding commitments by both Symphony and us, subject to certain conditions.
Payments under the pre-clinical, product development and clinical development contracts are based on the completion of activities as specified in the contract. The amounts in the table above assume the successful completion by third-party contractors of all activities contemplated in the agreements with such parties. In addition, not included in the operating leases above is sublease income, which is expected to total approximately $279,000 for the 12-month period ending March 31, 2010, and lease payments of approximately $152,000 under a lease for our new office space in Waltham, Massachusetts entered into in April 2009.
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