Three-year agreement with Lincoln Park Capital helps fund clinical pipeline
By Devika Patel and Stephanie N. Rotondo
Knoxville, Tenn., Nov. 28 - Oxigene Inc. said it arranged a $20 million stock purchase agreement with Lincoln Park Capital Fund, LLC.
The company, at its discretion, will sell the common shares to Lincoln Park over three years. The purchase price of the shares will be based on the prevailing market prices immediately preceding the sales, without any fixed discount.
Proceeds will be used to advance Oxigene's late and early stage clinical pipeline.
"Oxigene's highest near-term priority is to obtain sufficient funding to enable us to pursue our FACT 2 registration trial in anaplastic thyroid cancer, as well as to continue to support ongoing clinical programs in other tumor types and advance our earlier stage programs," chief executive officer Peter J. Langecker said in a press release.
Jonathan Cope, managing member of Lincoln Park, said that his firm was attracted to Oxigene as there are "no current therapies" for that type of thyroid cancer. "It's really an unmet medical need."
The company has already conducted one trial, Cope continued, noting that the test resulted in "interesting preliminary data" that was deemed "promising."
Oxigene is a pharmaceutical company located in South San Francisco, Calif.
| Issuer: | Oxigene Inc.
|
| Issue: | Stock purchase agreement
|
| Amount: | $20 million
|
| Tenor: | Three years
|
| Warrants: | No
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| Investor: | Lincoln Park Capital Fund, LLC
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| Pricing date: | Nov. 28
|
| Stock symbol: | Nasdaq: OXGN
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| Stock price: | $0.93 at close Nov. 25
|
| Market capitalization: | $16.07 million
|
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