OXiGENE to Restructure to Focus Clinical Resources on Earlier Stage Development Programs

Biopharmaceutical firm OXiGENE, Inc. decides to restructure in an to focus resources on its most promising early-stage clinical programs.

Clinical-stage biopharmaceutical company OXiGENE, Inc. will restructure in an effort to focus resources on its most promising early-stage clinical programs and to further cut costs.

The company is cutting 11 full-time equivalent employees, or approximately 61% of its staff, and will seek to reduce the amount of space it currently rents to conduct its operations. The company anticipates recording a total charge of approximately $1.2 million, primarily associated with personnel-related termination costs, and expects to reduce expenses by approximately $2.0 million annually.

OXiGENE plans to continue its investigator-sponsored Phase I trial of OXi4503 in patients with AML or myelodysplastic syndrome (MDS), and