By Devika Patel
Knoxville, Tenn., March 11 - Oxigene Inc. plans to raise $7.5 million in a private placement of stock, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company will sell 6,578,945 common shares. Investors also will receive series A warrants for 6,578,945 shares and series B warrants for 6,578,945 shares. Each series A warrant is exercisable at $1.52 for five years. Each series B warrant is exercisable at $1.14 for seven months.
Settlement is expected March 12.
ROTH Capital Partners, LLC is the agent.
Proceeds will be used to fund development of Oxigene's high-priority oncology programs, including its ongoing trials of Zybrestat in non-small cell lung cancer and of OXi4503 trials in solid tumors, as well as to continue its programs in anaplastic thyroid cancer and in ophthalmology.
Oxigene is a pharmaceutical company located in Waltham, Mass.
| Issuer: | Oxigene Inc.
|
| Issue: | Common stock
|
| Amount: | $7.5 million
|
| Shares: | 6,578,945
|
| Warrants: | For 13,157,890 shares
|
| Warrant expiration: | Five years (series A), seven months (series B)
|
| Warrant strike price: | $1.52 (series A), $1.14 (series B)
|
| Agent: | ROTH Capital Partners, LLC
|
| Pricing date: | March 11
|
| Settlement date: | March 12
|
| Stock symbol: | Nasdaq: OXGN
|
| Stock price: | $1.27 at close March 10
|
| Market capitalization: | $78.7 million
|
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