OXiGENE (OXGN) Announces $16 Million At-The-Market Registered Direct Offering
5/23/2014 7:30:27 AM
OXiGENE, Inc. Announces $16 Million At-The-Market Registered Direct Offering
SOUTH SAN FRANCISCO, Calif., May 23, 2014 (GLOBE NEWSWIRE) -- OXiGENE, Inc. (OXGN), a biopharmaceutical company developing novel cancer therapeutics, today announced that it has entered into definitive agreements with institutional investors to purchase an aggregate of $16 million of registered shares of OXiGENE common stock in an at-the-market direct offering at $ 2.9625 per share. For each share of common stock purchased, investors will receive one-half of an unregistered warrant to purchase a share of common stock at an exercise price of $2.90 per share, which are exercisable immediately and expire five years and three months from the date of issuance. The closing of the offering is expected to take place on or about May 28, 2014, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co., LLC acted as the exclusive placement agent in connection with this offering.
With this $16 million financing, OXiGENE significantly increases its cash position, which was approximately $24.7 million as of March 31, 2014. The Company intends to use the proceeds from the offering to continue advancing its current development programs and research activities.
The shares of common stock described above are being offered pursuant to a shelf registration statement (File No. 333-181813), which became effective on June 14, 2012. The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Pursuant to a Registration Rights Agreement, the Company has agreed to file one or more registration statements with the SEC covering the resale of the shares of common stock issuable upon exercise of the warrants.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein. There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such an offering, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The Company will file a prospectus supplement with the SEC relating to the common stock, and following such filing, copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained at the SEC's website at http://www.sec.gov, or from H.C. Wainwright & Co., LLC by e-mailing firstname.lastname@example.org.
OXiGENE is a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer. The Company is focused on developing vascular disrupting agents (VDAs), which are compounds that selectively disrupt abnormal blood vessels associated with solid tumor survival and progression. The Company's lead clinical product candidate, ZYBRESTAT(R) (fosbretabulin tromethamine), is in development as a potential treatment for solid tumors. OXi4503, its second product candidate, is in development for acute myeloid leukemia (AML). 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, which include the timing of advancement, outcomes, and regulatory guidance relative to our clinical programs, achievement of our business and financing objectives 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 inherent risks of drug development and regulatory review, and the availability of additional financing to continue development of our programs.
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, 2013.
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