WALTHAM, Mass., July 15, 2009 (GLOBE NEWSWIRE) -- OXiGENE, Inc. (Nasdaq:OXGN)
(Stockholm:OXGN), a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer and eye diseases, today announced that it will
raise approximately $10 million in gross proceeds, before deducting placement
agent fees and other estimated offering expenses, in a registered direct
offering of 6.25 million units, at a price of $1.60 per unit. Each unit will
consist of (i) one share of common stock, (ii) a warrant exercisable for five
years to purchase 0.45 shares of common stock at an exercise price of $2.10 per
share of common stock, and (iii) a warrant, exercisable during a period
beginning on the date of issue and ending on a date which is the later of (a)
nine months from the date of issuance or (b) ten trading days after the earlier
of (i) the public announcement of the outcome of the planned interim analysis
by the Independent Data Safety Monitoring Committee of data from the Company's
Phase II/III pivotal clinical trial regarding ZYBRESTAT as a treatment for
anaplastic thyroid cancer or (ii) a public announcement of future plans for the
clinical trial, as specified in the form of warrant, to purchase 0.45 shares of
common stock at an exercise price of $1.60 per share. The shares were offered
under the Company's effective shelf registration statement previously filed
with the Securities and Exchange Commission.
In addition, the Company expects to close the previously announced issuance of
shares of its common stock to Symphony ViDA Holdings, Inc. on the same date as
the closing of the offering. Pursuant to the terms of the Company's Amended and
Restated Purchase Option Agreement with Symphony, Symphony will receive an
additional 4 million shares of common stock in connection with the closing, for
an aggregate of 10 million shares.
Lazard Capital Markets LLC served as the lead placement agent for the offering,
and Merriman Curhan Ford served as the co-placement agent. The sale is expected
to close on July 20, 2009.
About OXiGENE
OXiGENE is a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer and eye diseases. The Company's major focus is
developing vascular disrupting agents (VDAs) that selectively disrupt abnormal
blood vessels associated with solid tumor progression and visual impairment.
OXiGENE is dedicated to leveraging its intellectual property and therapeutic
development expertise to bring life-extending and life-enhancing medicines to
patients.
The OXiGENE, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4969
Safe Harbor Statement
This news release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Any or all of the
forward-looking statements in this press release may turn out to be wrong.
Forward-looking statements can be affected by inaccurate assumptions OXiGENE
might make or by known or unknown risks and uncertainties, including, but not
limited to, the impact of VDAs on the treatment of a variety of tumor types,
and their potential to further advance the evolution of anti-vascular therapies
and deliver increased clinical benefit to patients, and the Company's ability
to advance any of its VDAs to a later stage of development. Additional
information concerning factors that could cause actual results to materially
differ from those in the forward-looking statements is contained in OXiGENE's
reports to the Securities and Exchange Commission, including OXiGENE's reports
on Form 10-K, 10-Q and 8-K. However, OXiGENE undertakes no obligation to
publicly update forward-looking statements, whether because of new information,
future events or otherwise. Please refer to our Annual Report on Form 10-K for
the fiscal year ended December 31, 2008.
CONTACT: OXiGENE, Inc.
Investor and Media Contact:
Investor Relations
Michelle Edwards
650-635-7006
medwards@oxigene.com
OXiGENE to Raise $10 Million in Registered Direct Offering
| Source: Oxigene, Inc.