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OxiGene, Inc. (OXGN)

Q2 2008 Earnings Call Transcript

August 4, 2008 2:00 pm ET


Michelle Edwards – IR

Richard Chin – President & CEO

James Murphy – VP and CFO

John Kollins – SVP & COO

David Chaplin – Head of R&D and Chief Scientific Officer


Terence Flynn – Lazard Capital Markets

Alan Leong – Biotech Stock Research



Good day everyone and welcome to the OxiGene second quarter 2008 earnings call. Today's call is being recorded. At this time I would like to turn the call over to Michelle Edwards.

Michelle Edwards

Thank you. Good morning and welcome to OxiGene's conference call. My name is Michelle Edwards and I'm part of the IR team at OxiGene. Today's call is being recorded and webcast. With me from the company are our President and CEO, Dr. Richard Chin; our Chief Operating Officer, John Kollins; our Chief Scientific Officer, Dr. David Chaplin; Chief Medical Officer, Dr. Patricia Walicke; and Chief Financial Officer, James Murphy.

If you've not received a copy of the accompanying press release for today's call, you can obtain one by visiting the company's Web site or calling OxiGene's receptionist at 781-547-5900.

I'd like to remind everyone that during the conference call, members of the OxiGene management team will make certain forward-looking statements regarding the company's future plans and anticipated outcomes that involve risks and uncertainties that may cause the actual results or outcome to be materially different from those anticipated and discussed on this conference call.

Factors that may cause such differences include but are not limited to those risks and uncertainties associated with the preclinical and clinical drug development processes. Please review the risks and uncertainties detailed in the company's annual report on Form 10-K for the year ended December 31, 2007, quarterly reports on Form 10-Q, and the company's other filings with the Securities and Exchange Commission.

Now, I'd like to turn the call over to OxiGene's CEO, Dr. Richard Chin.

Richard Chin

Thank you, Michelle. On behalf of OxiGene, I'd like to thank everyone for participating in today's call. After some brief introductory remarks, I'll turn the call over to Chief Financial Officer, Jim Murphy, who will review the financial highlights from the second quarter, and then to Chief Operating Officer, John Kollins who will provide an update on the clinical and corporate events of the quarter.

This quarter, we have continued to progress our clinical and pre-clinical programs and we have been particularly encouraged by the increased attention to the vascular disrupting agent by the medical community and the pharmaceutical industry as evidenced by the interest we've received at ASCO and other conferences this quarter.

As many of you know, vascular disrupting agents or VDAs represent a distinct new class of anti-vascular therapeutics that have utility for cancer, neurovascular ophthalmological diseases, and other conditions in which abnormal vascular growth and development play an important role in disease pathophysiology.

VDAs are distinct from anti-angiogenic drugs and as we've been the first in the field to show, it appears that they can be safely combined with anti-angiogenic drugs and the combination may deliver in half therapeutic benefits vis-à-vis with single-agent therapy.

Looking forward, we anticipate increasing momentum and complexity in our clinical program. And accordingly, we recognize the need to maintain tight focus on our corporate goals and objectives.

To this end, I have recently promoted John Kollins, who as you know is a very experienced executive, to the role of Chief Operating Officer. I'm very happy to say that he has already been adding great value in his new role.

John will be updating everyone in a few minutes on the clinical and corporate highlights. But first, let me turn the call over to our CFO, Jim Murphy, who will provide the financial highlights. Jim?

James Murphy

Thanks, Richard. I'd like to review the financial results we reported earlier today for the quarter ended June 30, 2008.

The company reported a net loss for the second quarter of 2008 of $7 million or $0.25 per share compared with a net loss of $5.4 million or $0.19 per share for the same period in 2007. For the six-month period ended June 30, 2008, the net loss was $12.5 million or $0.44 per share compared to a net loss of $9.3 million or $0.33 per share for the comparable period in 2007.

The increase in loss for both the three and six-month periods was driven primarily by a higher level of clinical development activities including the continued enrollment of both the Zybrestat pivotal registrations trial in anaplastic thyroid cancer and the Phase II trial of Zybrestat in combination with standard chemotherapy and bevacizumab for the treatment of non-small cell lung cancer, as well as the management of other ongoing clinical trials and drug development activities.

At June 30, 2008, we had cash, cash equivalents, and marketable securities of approximately $18.3 million compared with approximately $28.4 million on December 31, 2007.

Now for an update on our corporate and clinical programs, I'll turn the call over to John Kollins, our Chief Operating Officer.

John Kollins

Thanks Jim. First, with respect to corporate activities, I'm pleased to report that we've made significant progress in both corporate development and partnering initiatives. As we sit here today, I'm quite confident of our ability to substantively meet our objectives in this area and I'm looking forward to further updating you in the near future.

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