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Mateon Therapeutics, Inc

Drug Names(s): combretastatin A1 di-phosphate, CA1P

Description: Oxi4503, which is the diphosphate prodrug of combretastatin A1, is a novel vascular targeting agent from the combretastatin family. Like its structural analog, Combretastatin A-4 phosphate (CA4P, ZYBRESTAT), a well-characterized vascular targeting agent, OXi4503 has been observed to block and destroy tumor vasculature, resulting in extensive tumor cell death and necrosis. CA4P attacks the vascular structure of solid tumors and other diseases characterized by the formation of aberrant blood vessels. C4AP disrupts Vascular Endothelial-cadherin (VE-cadherin) signaling, and triggers a change in the shape of the endothelial cells lining these blood vessels, which in turn, blocks the flow of blood to a tumor and depriving it of oxygen and nutrients essential to its survival.

Preclinical data indicates that OXi4503 is metabolized by oxidative enzymes (e.g., tyrosinase and peroxidases), to an orthoquinone chemical species that has direct cytotoxic effects on tumor cells.

Deal Structure: In October 2008, OXiGENE entered into a strategic collaboration with Symphony Capital Partners, L.P. that will provide OXiGENE with up to $40 million to further advance its pipeline of vascular disrupting agent (VDA) drug candidates for cancer and eye disease. Symphony will provide up to $25 million to Symphony ViDA, a newly-created company that was established to accelerate the development of the OXi4503 and ZYBRESTAT for ophthalmology programs. Additionally, Symphony has invested $15 million directly in OXiGENE to be used for general corporate purposes, including for the development of ZYBRESTAT in oncology.

In July 2009, OXiGENE announced that the Company exercised its option to acquire all of the equity of Symphony ViDA in exchange for six million newly-issued shares of OXiGENE common stock. Based upon a price of $2.08 per share, the closing market price of OXiGENE common stock on July 2, 2009, the stock had a value of approximately $12.5 million. Under the terms of...See full deal structure in Biomedtracker

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