Stock Update (NASDAQ:OXGN): OXiGENE Inc Announces $10 Million At-the-Market Registered Direct Offering


OXiGENE Inc (Nasdaq:OXGN), a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer, announced that it has entered into definitive agreements with institutional investors to purchase an aggregate of $10 million of registered shares of OXiGENE common stock in an at-the-market direct offering at a price of $1.7125 per share. For each share of common stock purchased, investors will receive a warrant to purchase one half of a share of common stock at an exercise price of $1.7125 per share, which are exercisable immediately and expire five years from the date of issuance. The closing of the offering is expected to take place on or about March 25, 2015, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. acted as the exclusive placement agent in connection with this offering.

With this $10 million financing, OXiGENE significantly strengthens its cash position, which was approximately $30 million as of December 31, 2014. OXiGENE intends to use the proceeds from the offering to advance the clinical development of its lead clinical product candidate, fosbretabulin, in recurrent ovarian cancer and in gastrointestinal neuroendocrine tumors, and its second product candidate, OXi4503, in patients with relapsed or refractory acute myeloid leukemia or myelodysplastic syndromes, and for general corporate purposes. (Original Source)

Shares of Oxigene closed yesterday at $1.65. OXGN has a 1-year high of $4 and a 1-year low of $1.48. The stock's 50-day moving average is $1.70 and it's 200-day moving average is $1.88.

On the ratings front, Oxigene has been the subject of a number of recent research reports. In a report issued on March 18, MLV & Co. analyst Thomas Yip maintained a Buy rating on OXGN, with a price target of $6.50, which implies an upside of 293.9% from current levels. Separately, on February 12, H.C. Wainwright's Reni Benjamin reiterated a Buy rating on the stock and has a price target of $6.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Thomas Yip and Reni Benjamin have a total average return of 6.4% and 10.5% respectively. Yip has a success rate of 50.0% and is ranked #1986 out of 3535 while Benjamin has a success rate of 40.6% and is ranked #602.

OxiGene, Inc., is a biopharmaceutical company. It is engaged in development of vascular disrupting agents (VDAs) for the treatment of cancer.

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