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[sludgehound]

OXGN down on floating more paper

2.72 -.26 10:12 am ET

09:22 AM EDT, 05/23/2014 (MT Newswires) -- 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.
Price: 2.83, Change: -0.15, Percent Change: -5.03
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