OXiGENE, Inc. Registration Statement Filed with SEC
to Extend Expiration Date of Warrants Declared Effective
BOSTON, MA AND LUND, SWEDEN -- JULY 24, 1998 -- OXiGENE, Inc. (Nasdaq:
OXGN) today announced that the Company's registration statement relating to the
Company's publicly traded warrants (Nasdaq: OXGNW)(the "Warrants") was declared
effective by the Securities and Exchange Commission.
As more fully set forth in the registration statement, the following terms
of the Warrants have been amended or added: (a) at 5:00 p.m., New York City
time, on August 26, 1998, with no action required to be taken by the holders of
the Warrants, the original expiration date of the Warrants (the "Original
Expiration Date") will be extended to 5:00 p.m., New York City time, on December
31, 1999 (the "Amended Expiration Date"), (b) each Warrant shall be exercisable
on and after August 26, 1998, and until the Amended Expiration Date, for 1.07
shares of Common Stock at a price of $14.35 (i.e., the exercise price currently
in effect), subject only to the adjustment after that date in accordance with
the anti-dilution provisions set forth in the Warrant Agreement (which are not
being amended), and (c) the Company has the right, but not the obligation, at
any time after the Original Expiration Date, to redeem, at any time or from time
to time, any or all of the Warrants (the "Call"); provided, however, the Company
may exercise the Call only if (i) the average trading price of the shares of the
Company's Common Stock, as reported by the National Market of The Nasdaq Stock
Market, Inc. ("Nasdaq"), for any period of ten consecutive trading days (not
including any days on which the Nasdaq is open for trading, but there are no
purchases or sales of Common Stock), has traded at not less than $16.00 per
share, and (ii) the Company has given not less than 20 days written notice to
the holders of Warrants indicating the Company's election to exercise the Call.
Following a Call, any Warrants that were called that remain unexercised at the
end of the 20-day notice period will be redeemed promptly thereafter at a
redemption price of $.001 per Warrant, payable by the Company in cash.
A copy of the prospectus relating to the amendment of the terms of the
Warrants may be obtained from: Innisfree M&A Incorporated ("Innisfree"), 501
Madison Avenue, 20th Floor, New York, New York 10022, (888) 750-5834. A copy of
the final prospectus will be available from Innisfree following the effective
date of the registration statement. Shareholders with questions are encouraged
to contact Innisfree toll free at (888) 750-5834 (within the continental U.S.)
or (212) 750-5833 (outside of the U.S.).
OXiGENE, Inc. is an international biopharmaceutical company developing a
portfolio of products that focuses primarily on combating cancer. The Company's
initial product development is based on proprietary DNA repair technology. The
Company currently has three product candidates in clinical development.
Neu-Sensamide(TM), a radiosensitizer, is in a Phase III clinical trial in
patients with non-small cell lung cancer and two Phase I studies in patients
with glioblastoma. Oxi-104 is being developed as a chemosensitizer in Phase I
studies in patients with advanced stage cancers. Cordycepin is a compound in
Phase I studies in patients with TdT positive leukemia. The Company is also
developing Combretastatin A-4 phosphate, a tumor vascular targeting agent that
in pre-clinical studies destroyed the blood vessels that enable a tumor to
survive and grow. Combretastatin is expected to enter clinical trials in the
second half of 1998.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there by any sale of these securities
in any State or country in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws of
any such state or country.
SOURCE: OXiGENE, Inc.
CONTACT: Innisfree M&A Incorporated Ms. Sarah Michelmore
501 Madison Avenue, 20th Floor or Feinstein Kean Partners
New York, New York 10022 245 First Street
(888) 750-5834 in the U.S. 14th Floor
(212) 750-5833 outside the U.S. Boston, MA 02142
(617) 577-8110