Biotech Values

[DewDiligence]

OXGN CC:

http://biz.yahoo.com/cc/6/38216.html

OXGN held its 4Q03 quarterly CC on Thursday. Much of the call was a recap of previously disclosed information, but there were a few new items:

1. OXGN will file an IND this year for a phase-1 trial by year-end in myopic macular degeneration –the indication in which a single patient from Calgary was successfully treated under a compassionate-use program. This was the one really positive piece of news that came out at the CC.

2. Patient enrollment in OXGN’s phase-1/2 AMD trial is proceeding more slowly than previously expected. Enrollment is now expected to be completed by the end of 2004. At OXGN’s previous CC in November, the company’s line was that enrollment would be completed by mid-year.

3. Patient enrollment is proceeding slowly in some of OXGN’s cancer trials too. They hope to add additional clinical sites in some trials to compensate for the slow enrollment.

4. The NCI has delayed the “go/no go” decision on the second–generation OXi6197 compound in order to conduct addition preclinical efficacy tests.

5. OXGN’s CSO, Dai Chaplin, appeared to waffle on the subject of a local formulation of CA4P for ophthalmic diseases. In response to a question from Russell Gilbertson of Roth Capital, Chaplin hedged on whether a local formulation would consist of eye drops or some other technique. OXGN may not have entirely ruled out the possibility of using intravitreal injection as the delivery mechanism.

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OXGN’s CEO, Fred Driscoll, knows how to talk to investors and he comes across as the consummate, confident executive. I wish Dr. Levitt would borrow a page from Driscoll’s book.