Healthcare Industry News: neuroendocrine tumor
News Release - March 20, 2015
OXiGENE, Inc. Announces $10 Million At-the-Market Registered Direct OfferingSOUTH SAN FRANCISCO, Calif., March 20, 2015 -- (Healthcare Sales & Marketing Network) -- OXiGENE, Inc. (OXGN), a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer, today announced that it has entered into definitive agreements with institutional investors to purchase an aggregate of $10 million of registered shares of OXiGENE common stock in an at-the-market direct offering at a price of $1.7125 per share. For each share of common stock purchased, investors will receive a warrant to purchase one half of a share of common stock at an exercise price of $1.7125 per share, which are exercisable immediately and expire five years from the date of issuance. The closing of the offering is expected to take place on or about March 25, 2015, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. acted as the exclusive placement agent in connection with this offering.
With this $10 million financing, OXiGENE significantly strengthens its cash position, which was approximately $30 million as of December 31, 2014. OXiGENE intends to use the proceeds from the offering to advance the clinical development of its lead clinical product candidate, fosbretabulin, in recurrent ovarian cancer and in gastrointestinal neuroendocrine tumors, and its second product candidate, OXi4503, in patients with relapsed or refractory acute myeloid leukemia or myelodysplastic syndromes, and for general corporate purposes.
The securities described above are being offered pursuant to a shelf registration statement (File No. 333-181813), which became effective on June 14, 2012. The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein. There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such an offering, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. OXiGENE will file a prospectus supplement with the SEC relating to the common stock and warrants, and following such filing, copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained at the SEC's website at http://www.sec.gov, or from H.C. Wainwright & Co. by e-mailing email@example.com.
OXiGENE is a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer. The company is focused on developing vascular disrupting agents (VDAs), which are compounds that selectively disrupt abnormal blood vessels associated with solid tumor survival and progression. The company's lead clinical product candidate, fosbretabulin, is in development as a potential treatment for solid tumors. OXi4503, its second product candidate, is in development for acute myeloid leukemia (AML). OXiGENE is dedicated to leveraging its intellectual property and therapeutic development expertise to bring life-extending and life-enhancing medicines to patients.
Safe Harbor Statement
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any or all of the forward-looking statements in this press release may turn out to be wrong. Forward-looking statements can be affected by inaccurate assumptions OXiGENE might make or by known or unknown risks and uncertainties, including, but not limited to, the inherent risks of drug development, manufacturing and regulatory review, and the availability of additional financing to continue development of our programs. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in OXiGENE's reports to the Securities and Exchange Commission, including OXiGENE's reports on Form 10-K, 10-Q and 8-K. However, OXiGENE undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise. Please refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and subsequent filings with the Securities and Exchange Commission.
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