Company also sells five-year warrants exercisable at $2.90 per share
By Marisa Wong
Madison, Wis., May 23 - Oxigene, Inc. said it entered into definitive agreements with institutional investors to purchase a total of $16 million of its common stock in an at-the-market direct offering at $2.9625 per share.
For each common share purchased, investors will receive one-half of a common stock purchase warrant, exercisable at $2.90 per share. The warrants are exercisable immediately and expire five years and three months from the date of issuance. The strike price reflects a 0.59% discount to the May 22 closing share price of $2.98 per share.
H.C. Wainwright & Co., LLC acted as the placement agent for the offering.
The company said that this $16 million financing significantly increases its cash position, which was about $24.7 million as of March 31.
The company intends to use the proceeds to continue advancing its current development programs and research activities.
Closing is expected to take place on May 28.
Oxigene is a South San Francisco, Calif.-based biopharmaceutical company developing therapeutics to treat cancer.
Issuer: | Oxigene, Inc.
|
Issue: | Common stock, warrants
|
Amount: | $16 million
|
Price: | $2.9625 per share
|
Warrants: | One-half warrant per share
|
Warrant expiration: | Five years and three months
|
Warrant strike price: | $2.90 per share
|
Placement agent: | H.C. Wainwright & Co., LLC
|
Announcement date: | May 23
|
Settlement date: | May 28
|
Stock symbol: | $2.98 at close May 22
|
Stock price: | Nasdaq: OXGN
|
Market capitalization: | $41.31 million
|
© 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.