SOUTH SAN FRANCISCO, Calif., July 21, 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 has closed a registered direct offering of 6,250,000 units of its
common stock and warrants as described below, at a price of $1.60 per unit.
OXiGENE's gross proceeds from the offering were approximately $10 million.
Following closing of the offering, OXiGENE has approximately 62.5 million
shares issued and outstanding.
Each unit in the offering consisted 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. The shares were
offered under the Company's effective shelf registration statement previously
filed with the Securities and Exchange Commission.
In addition, the Company announced the closing of the previously announced
issuance of shares of its common stock to Symphony ViDA Holdings, Inc. Pursuant
to the terms of the Company's Amended and Restated Purchase Option Agreement
with Symphony, Symphony received 10 million shares.
Lazard Capital Markets LLC served as the lead placement agent for the
registered direct offering, and Merriman Curhan Ford served as the co-placement
agent.
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:
Michelle Edwards, Investor Relations
650-635-7006
medwards@oxigene.com
OXiGENE Announces Closing of Registered Direct Offering
| Source: Oxigene, Inc.