OXiGENE Confirms Orphan Drug Designation for OXi4503 Candidate
OXiGENE, Inc. (Nasdaq: OXGN), a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer, announced that its product candidate OXi4503 has been granted orphan designation by the US Food and Drug Administration for the treatment of acute myelogenous leukemia (AML). Orphan drug designation qualifies a company for several benefits, including the potential for market exclusivity, development grants, and for certain tax credits.
OXi4503 is a novel, second-generation anticancer agent that combines vascular disrupting activity with direct cytotoxicity. A Phase 1 study of OXi4503 for the treatment of patients with AML or myelodysplastic syndrome (MDS) is currently under way, with support from The Leukemia & Lymphoma Society's Therapy Acceleration Program.
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