SOUTH SAN FRANCISCO, Calif., Feb. 4, 2010 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN) (Stockholm:OXGN), a clinical-stage, biopharmaceutical company
developing novel therapeutics to treat cancer and eye diseases, announced today
that at the special meeting of stockholders of OXiGENE held yesterday, the
issuance of shares of OXiGENE common stock pursuant to the merger agreement
with VaxGen, Inc. and all other proposals were adopted. At the special meeting
of stockholders of VaxGen, however, also held yesterday, the necessary majority
of the outstanding shares of VaxGen common stock did not vote in favor of
adoption of the proposed merger agreement with OXiGENE. The proposed merger
between OXiGENE and VaxGen will, therefore, not take place.
"We remain very enthusiastic about the value of OXiGENE's key programs, and we
are actively continuing to pursue several options to realize the value in our
strong pipeline of product candidates," said Peter Langecker, M.D., Ph.D.,
OXiGENE's Chief Executive Officer. "While we believe that the proposed merger
between OXiGENE and VaxGen would have been beneficial for both companies, we
appreciate the support of OXiGENE stockholders and remain committed to our
Company's goal of developing breakthrough therapies for cancer patients. We
will provide more detail on our strategies in the near future."
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.
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 available options for realizing value in the Company's product
candidates. 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.
The OXiGENE, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4969
CONTACT: OXiGENE, Inc.
Investor and Media Contact:
Michelle Edwards, Investor Relations
medwards@oxigene.com
650-635-7006
OXiGENE Announces Results of Stockholder Vote on Proposed Merger With VaxGen
| Source: Oxigene, Inc.