March 19, 2010 / 12:33 PM / 10 years ago

UPDATE 1-Oxigene says auditors raise going concern doubts

March 19 (Reuters) - Drug developer Oxigene Inc OXGN.O said its auditors had expressed doubts about the company’s ability to continue as a going concern. The audit opinion was included in the company’s 2009 annual report filed with the U.S. Securities and Exchange Commission on March 16, the company said in a statement.

Last month, the company, which develops drugs to treat cancer and eye diseases, said it will cut half of its workforce and take related charges in the first quarter as part of a restructuring to focus on key assets and cut costs. [ID:nSGE61A0KG]

Shares of the company fell 3 percent to $1.16 in premarket trade. They closed at $1.20 Thursday on Nasdaq. (Reporting by Shailesh Kuber in Bangalore; Editing by Unnikrishnan Nair)

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