OXiGENE, Inc.
OXGN, a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer, announced that it has entered into definitive
agreements with institutional accredited investors in a private placement of
$5.0 million of zero coupon convertible preferred stock (which are convertible
into a total of approximately 1.38 million shares of common stock) and 2
series of warrants potentially exercisable for up to approximately 2.76
million additional shares of common stock, in the aggregate. In addition to
the preferred stock not having a required dividend right, the preferred stock
will not have any preferences over the Company's common stock, including
liquidation rights. Subject to certain ownership limitations, the preferred
stock is convertible at any time at the option of the holder into shares of
common stock at a conversion price of $3.63 (which represents a price above
the closing price of the common stock on the previous trading day). The first
series of warrants will allow for the investors to purchase up to
approximately 1.38 million shares of common stock at an exercise price of
$3.40 per share and are exercisable for 5 years. The second series of warrants
will allow for the investors to purchase up to approximately 1.38 million
shares of common stock at an exercise price of $3.40 per share and are
exercisable for 2 years. OXiGENE has agreed to register the resale of the
shares of common stock issuable upon conversion of the preferred stock and
upon exercise of the warrants.
The offering is expected to close on or about April 12, 2013, subject to
satisfaction of customary closing conditions.
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