By Devika Patel
Knoxville, Tenn., Feb. 21 - Oxigene Inc. released terms of a $40 million three-year committed equity financing facility in an 8-K filed Thursday with the Securities and Exchange Commission. The agreement with Kingsbridge Capital Ltd. was announced by the company on Feb. 20.
Oxigene may require Kingsbridge to buy common shares at a price between 88% and 95% of the volume-weighted average price for each trading day during an eight-day pricing period. The maximum number of shares Oxigene may issue is the lesser of 5,708,035 shares and $40 million of common stock.
Oxigene may access capital under the facility in drawdowns of up to 2% of the company's market capitalization at the time of the drawdown. Alternatively, Oxigene can make drawdowns to a maximum of the lesser of 3.5% of Oxigene's market capitalization at the time of the drawdown and the alternative drawdown amount calculated according to the common stock purchase agreement.
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
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
