By Devika Patel
Knoxville, Tenn., Feb. 20 - Oxigene Inc. said it entered into a $40 million three-year committed equity financing facility with Kingsbridge Capital Ltd.
Kingsbridge agreed to buy the lesser of about 5,708,000 common shares or $40 million of common stock from Oxigene over three years.
Oxigene may access capital under the facility in tranches of either 2% of Oxigene 's market capitalization at the time of the drawdown or the lesser of 3.5% of Oxigene 's market capitalization at the time of the drawdown and an alternative drawdown amount, calculated based on a Oxigene's average trading volume and closing prices at the time of the drawdown.
There are no minimum commitments or minimum use penalties.
Kingsbridge also received five-year warrants for 250,000 shares, exercisable at $2.74 each.
Oxigene is a pharmaceutical company located in Waltham, Mass.
| Issuer: | Oxigene Inc.
|
| Issue: | Committed equity financing facility
|
| Amount: | $40 million
|
| Tenor: | Three years
|
| Warrants: | For 250,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.74
|
| Investor: | Kingsbridge Capital Ltd.
|
| Settlement date: | Feb. 20
|
| Stock symbol: | Nasdaq: OXGN
|
| Stock price: | $2.13 at close Feb. 19
|
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