OXiGENE (OXGN) Enters $20M Purchase Agreement with LPC
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OXiGENE, Inc. (Nasdaq: OXGN), has signed a purchase agreement for the sale, from time to time, of up to $20 million of its common stock with Lincoln Park Capital Fund, LLC (LPC), a Chicago-based institutional investor. The proceeds from any sales under this purchase agreement will be used to advance OXiGENE's late and early-stage clinical pipeline.
During the 36-month term of the purchase agreement, OXiGENE controls the timing and amount of any sales to LPC, if and when the Company decides, in accordance with the purchase agreement. LPC has no right to require the Company to sell any shares to LPC, but LPC is obligated to make purchases as OXiGENE directs, subject to certain conditions, which include the effectiveness of a registration statement to be filed with the U.S. Securities and Exchange Commission covering the resale of the shares that may be issued to LPC. There are no upper limits to the price LPC may pay to purchase the Company's common stock and the purchase price of the shares related to any future sales will be based on the prevailing market prices of the Company's shares immediately preceding the notice of sale to LPC without any fixed discount. The agreement may be terminated by the Company at any time, at its sole discretion, without any cost or penalty.
During the 36-month term of the purchase agreement, OXiGENE controls the timing and amount of any sales to LPC, if and when the Company decides, in accordance with the purchase agreement. LPC has no right to require the Company to sell any shares to LPC, but LPC is obligated to make purchases as OXiGENE directs, subject to certain conditions, which include the effectiveness of a registration statement to be filed with the U.S. Securities and Exchange Commission covering the resale of the shares that may be issued to LPC. There are no upper limits to the price LPC may pay to purchase the Company's common stock and the purchase price of the shares related to any future sales will be based on the prevailing market prices of the Company's shares immediately preceding the notice of sale to LPC without any fixed discount. The agreement may be terminated by the Company at any time, at its sole discretion, without any cost or penalty.
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