Deal sells series B preferreds along with warrants via H.C. Wainwright
By Devika Patel
Knoxville, Tenn., Sept. 19 - Oxigene Inc. said it arranged a $5.8 million private placement of 0% series B convertible preferred stock. H.C. Wainwright & Co. is the agent.
The preferreds are being sold with warrants for about 2.45 million shares.
The preferreds are convertible into about 2.45 million common shares at $2.365 per share. The warrants are each exercisable at $2.24 for five years. The conversion price and strike price represent 7.98% and 12.84% discounts to the Sept. 18 closing share price of $2.57.
Settlement is expected Sept. 20.
Proceeds will be used to redeem the company's series A preferred stock, which was issued in April, and for general corporate purposes.
Oxigene is a pharmaceutical company located in South San Francisco, Calif.
| Issuer: | Oxigene Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $5.8 million
|
| Dividends: | 0%
|
| Conversion price: | $2.365
|
| Conversion ratio: | Into about 2.45 million shares
|
| Warrants: | For about 2.45 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.24
|
| Agent: | H.C. Wainwright & Co.
|
| Pricing date: | Sept. 19
|
| Settlement date: | Sept. 20
|
| Stock symbol: | Nasdaq: OXGN
|
| Stock price: | $2.57 at close Sept. 18
|
| Market capitalization: | $7.1 million
|
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