OXiGENE – OXGN – In-Licenses Rights to Promising Program for Neuroendocrine Tumors
OXiGENE, Inc. (Nasdaq:OXGN), a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer, announced the establishment of an exclusive, worldwide licensing agreement with Angiogene Pharmaceuticals Ltd., a U.K.-based drug development company, for data, development plans, know-how, patents and other intellectual property rights relative to their vascular disrupting agent (VDA) program for neuroendocrine cancers, focused specifically on carcinoid syndrome. OXiGENE plans to leverage these assets for the development and potential commercialization of ZYBRESTAT to treat carcinoid syndrome associated with metastatic carcinoid and neuroendocrine tumors, which represents a large and growing market opportunity with significant unmet medical need.
Combined with OXiGENE’s previous research and development work in this indication, the Company believes that these in-licensed assets provide a compelling therapeutic rationale to conduct a Phase 2 clinical study in persistent carcinoid syndrome, potentially to be followed by advancing to a registration clinical program.
“According to the American Cancer Society, there are approximately 5,000 new carcinoid tumors diagnosed in the US each year. An additional 3,000 neuroendocrine tumors (NETs) are diagnosed annually. Assuming similar incidence rates, this translates to 16,000 new cases of carcinoid and NETs annually in the combined markets of Europe and Japan. Although the underlying cause is unclear, there is a strong consensus that the incidence of carcinoid tumors is increasing. In-licensing these intellectual property and other assets from Angiogene is strategically important for OXiGENE, providing the potential to significantly expand the commercial opportunity and patent protection for ZYBRESTAT,” said Peter Langecker, M.D., PhD., OXiGENE’s Chief Executive Officer. “OXiGENE has contemplated developing ZYBRESTAT in carcinoid syndrome for some time, given the compelling scientific basis for using a VDA to disrupt blood flow to induce tumor necrosis and reduce production of well-validated biologic mediators, such as serotonin, which are associated with the most severe, debilitating symptoms of this disease.”
About OXiGENE – OXGN
OXiGENE (OXGN) is a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer. OXGN’s major focus is developing vascular disrupting agents (VDAs) that selectively disrupt abnormal blood vessels associated with solid tumor progression. OXiGENE is dedicated to leveraging its intellectual property and therapeutic development expertise to bring life-extending and life-enhancing medicines to patients.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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