Deal sells preferreds, warrants through Dawson James, Geller Biopharm
By Devika Patel
Knoxville, Tenn., April 11 - Oxigene Inc. said it arranged a $5 million private placement of 0% convertible preferred stock. Dawson James Securities, Inc. is the agent, and Geller Biopharm is the co-placement agent.
The 5,000 preferreds are being sold at $1,000 apiece, along with warrants for about 2.76 million shares.
The preferreds are convertible into about 1.38 million common shares at $3.63 per share. The warrants are each exercisable at $3.40. The conversion price and strike price represent 5.96% and 11.92% discounts to the April 10 closing share price of $3.86.
The first series of warrants is exercisable for about 1.38 million shares for five years. The second series of warrants is exercisable for about 1.38 million shares for two years.
Settlement is expected April 12.
Oxigene is a pharmaceutical company located in South San Francisco, Calif.
| Issuer: | Oxigene Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $5 million
|
| Preferreds: | 5,000
|
| Price: | $1,000
|
| Dividends: | 0%
|
| Conversion price: | $3.63
|
| Conversion ratio: | Into about 1.38 million shares
|
| Warrants: | For about 2.76 million shares
|
| Warrant expiration: | Five years (for about 1.38 million shares), two years (for about 1.38 million shares)
|
| Warrant strike price: | $3.40
|
| Agents: | Dawson James Securities, Inc., Geller Biopharm (co-placement agent)
|
| Pricing date: | April 11
|
| Settlement date: | April 12
|
| Stock symbol: | Nasdaq: OXGN
|
| Stock price: | $3.86 at close April 10
|
| Market capitalization: | $7.52 million
|
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