On May 09, 2016 OXiGENE, Inc. (Nasdaq:OXGN), a biopharmaceutical company developing vascular disrupting agents (VDAs) for the treatment of orphan oncology indications, reported financial results for the first quarter of 2016 (Press release, OXiGENE, MAY 9, 2016, View Source [SID:1234512125]).

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For the three months ended March 31, 2016, OXiGENE reported a net loss of $3.3 million compared to a net loss of $2.8 million for the three months ended March 31, 2015. R&D expenses increased to $2.0 million in the first quarter of 2016 compared to $1.7 million in the first quarter of 2015, while general and administrative expenses increased to $1.4 million in the first quarter of 2016 compared to $1.1 million in the first quarter of 2015.

At March 31, 2016, OXiGENE had cash, cash equivalents and short-term investments of $22.9 million.

"We continued this past quarter to advance and strengthen our clinical programs, and I am optimistic about our future," stated William D. Schwieterman, M.D., OXiGENE’s President and Chief Executive Officer. "The FDA recently granted Fast Track designation for our lead investigational drug, CA4P, for the treatment of platinum-resistant ovarian cancer, and our phase 2/3 clinical trial in this program, called the FOCUS study, is expected to begin enrolling patients next month. We have received additional orphan drug designations for CA4P and we continue to believe our vascular-targeted therapies hold great promise for patients and present a great opportunity for shareholders."