OXiGENE (OXGN) Enters $5M Private Placement
- Top 10 News for 2/23 - 2/27: Revised GDP Slips, but Beats, in Q4; Two Pharma Giants to Merge; Net Neutrality Passes
- UPDATE: Revised Q4 GDP Growth Slows to 2.2% as Private Inventory Investment Estimate Trimmed
- Former AIG (AIG) CEO Benmosche Dies at Age 70
- UPDATE: FDIC Takes Over Doral Bank (DRL) in Puerto Rico
- Ericsson (ERIC) Files Complaints Against Apple (AAPL) Over Patent Infringement
OXiGENE, Inc. (Nasdaq: OXGN) entered into definitive agreements with institutional accredited investors in a private placement of $5.0 million of zero coupon convertible preferred stock (which are convertible into a total of approximately 1.38 million shares of common stock) and 2 series of warrants potentially exercisable for up to approximately 2.76 million additional shares of common stock, in the aggregate. In addition to the preferred stock not having a required dividend right, the preferred stock will not have any preferences over the Company's common stock, including liquidation rights. Subject to certain ownership limitations, the preferred stock is convertible at any time at the option of the holder into shares of common stock at a conversion price of $3.63 (which represents a price above the closing price of the common stock on the previous trading day). The first series of warrants will allow for the investors to purchase up to approximately 1.38 million shares of common stock at an exercise price of $3.40 per share and are exercisable for 5 years. The second series of warrants will allow for the investors to purchase up to approximately 1.38 million shares of common stock at an exercise price of $3.40 per share and are exercisable for 2 years. OXiGENE has agreed to register the resale of the shares of common stock issuable upon conversion of the preferred stock and upon exercise of the warrants.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- ENSCO International Plc (ESV) Sell-Off Overdone, Evercore ISI Says
- OXiGENE Announces Presentation and Webcast at the 27th Annual ROTH Conference on March 11th
- Transgenomic (TBIO) Plans Common Stock Offering
Create E-mail Alert Related CategoriesEquity Offerings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!