OXiGENE (OXGN) to Acquire Symphony ViDA

July 6, 2009 7:57 AM EDT

OXiGENE, Inc. (Nasdaq: OXGN) announced that the Company exercised its option to acquire all of the equity of Symphony ViDA, Inc. in exchange for six million newly-issued shares of OXiGENE common stock, subject to adjustment as described below. Based upon a price of $2.08 per share, the closing market price of OXiGENE common stock on July 2, 2009, the stock has a value of approximately $12.5 million. Upon closing of the transaction, which is expected to occur within thirty days, Symphony Capital will own approximately 44% of the total OXiGENE Common Stock outstanding.

OXiGENE and Symphony have negotiated new terms for the Purchase Option Agreement entered into on October 1, 2008 to satisfy the purchase price for OXiGENE's option to acquire Symphony ViDA. Under the terms of the new Amended and Restated Purchase Option Agreement, the Company will re-acquire all rights to the ZYBRESTAT(tm) for ophthalmology and OXi4503 programs that are currently licensed to Symphony ViDA. In addition, the approximately $12.5 million in cash currently held by Symphony ViDA will become available for use for OXiGENE's general corporate purposes, including funding development of the company's pivotal trial-stage drug candidate, ZYBRESTAT for oncology. In the event that OXiGENE issues additional securities prior to January 2, 2010 at a price lower than $2.08 per share, Symphony will have the right to receive additional securities in an amount reflecting the difference in value of the securities at the time of such subsequent issuance and $2.08 per share.

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