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OXiGENE Down 5% in Pre-Maret - Initiates $16 Mln At-The-Market Registered Direct Offering

OXiGENE Down 5% in Pre-Maret - Initiates $16 Mln At-The-Market Registered Direct Offering

OXiGENE (OXGN), a biopharmaceutical company developing novel cancer therapeutics, is lower in pre-market trading after it said Friday that it has entered into definitive agreements with institutional investors to purchase an aggregate of $16 million of registered shares of OXiGENE common stock in an at-the-market direct offering at $ 2.9625 per share. Shares are down 5% at $2.83, with a 52-week range of $1.96 - $5.40. For each share of common stock purchased, investors will receive one-half of an unregistered warrant to purchase a share of common stock at an exercise price of $2.90 per share, which are exercisable immediately and expire five years and three months from the date of issuance. With this $16 million financing, OXGN significantly increases its cash position, which was $24.7 million as of March 31, 2014. The company intends to use the proceeds from the offering to continue advancing its current development programs and research activities.

OXiGENE Down 5% in Pre-Maret - Initiates $16 Mln At-The-Market Registered Direct Offering