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Print Edition StoriesWednesday, July 15, 2009
Oxigene to raise $10M in stock offering
By Mass High Tech staff
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Waltham drug developer Oxigene Inc. has announced that it will raise $10 million in a registered direct offering, before subtracting placement agent fees.
The offering consists of one share of common stock, at a price of $1.60 per unit, as well as a warrant to buy 0.45 shares of common stock at $2.10 per share and a warrant that starts on the issue date and ends in the latest of a few timeline options noted by the company. In an announcement earlier this month, Oxigene said that it planned to buy common shares of Symphony ViDA Inc. in exchange for 6 million Oxigene common shares. Oxigene said it expects to close this stock offering, with Symphony receiving another 4 million shares, at the same time it closes today’s announced offering — expected to be July 20.
Oxigene (Nasdaq: OXGN) is a clinical-stage biopharmaceutical company developing treatment for cancer and eye diseases. The company has developed a drug, called Zybrestat, now in Phase 2 trials for treating anaplastic thyroid cancer. Two formulas of Zybrestat applied to the surface of the eye showed in animal tests that the drug may be able to treat age-related macular degeneration and eye diseases that involve irregular vascular growth, company officials said.
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