OXiGENE to raise $10 million in private placement

OXiGENE, Inc., a US-based biopharmaceutical company that develops therapeutics to treat cancer and eye diseases, is plans to raise approximately $10 million in gross proceeds.

Each unit would consist of one share of common stock and two warrants with different clauses attached. One of the warrants is exercisable for five years to purchase 0.45 shares of common stock at an exercise price of $2.10 per share of common stock. The other warrant is exercisable during a period beginning on the date of issue and ending on a date which is the later of nine months from the date of issuance or ten trading days after the earlier of the public announcement of the outcome of the planned interim analysis by the Independent Data Safety Monitoring Committee of data from the company’s Phase II/III pivotal clinical trial regarding ZYBRESTAT as a treatment for anaplastic thyroid cancer or a public announcement of future plans for the clinical trial, as specified in the form of warrant. The second warrant allows the holder to purchase 0.45 shares of common stock at an exercise price of $1.60 per share.

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