Key Developments: Oxigene Inc (OXGN.O)
1.30USD
9 Feb 2010
$0.06 (+4.84%)
$1.30
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$1.30
$1.21
249,799
212,719
$2.78
$0.52
Latest Key Developments
VaxGen, Inc.'s Stockholder Vote Insufficient To Approve Merger With OXiGENE, Inc.
VaxGen, Inc. announced preliminary results of the vote from its special stockholder meeting held on February 3, 2010. VaxGen stockholders voted on two proposals. The first proposal, to approve and adopt the Agreement and Plan of Merger among OXiGENE, VaxGen, a wholly owned subsidiary of OXiGENE, and James P. Panek as the VaxGen stockholder representative, was not approved. 13,229,539 shares voted FOR the merger, 9,492,159 shares voted AGAINST and 26,176 ABSTAINED. The approval of a majority of the Company's total outstanding shares was required to approve the merger. Therefore, a FOR vote totaling 16,553,263 shares was required to approve the merger. The second proposal, to adjourn the special meeting if necessary, to solicit additional proxies if there were not sufficient votes in favor of the merger, was approved, with approximately 57.7% of the shares voted FOR and 42.3% AGAINST. This proposal needed only a majority of the votes cast to be approved. However, under the terms of the merger agreement, VaxGen was not permitted to adjourn or postpone the meeting without the prior consent of OXiGENE. Prior to the meeting, and based on this anticipated vote result, VaxGen requested OXiGENE's consent to adjourn the meeting to allow additional time to solicit proxies. The OXiGENE board of directors declined to provide OXiGENE's consent to the requested adjournment.
OXiGENE, Inc. Announces Positive Safety Data From Phase 2 Trial Of ZYBRESTAT In Non-Small Cell Lung Cancer
OXiGENE, Inc. announced positive interim safety data from the FALCON (Fosbretabulin in Advanced Lung Oncology) study, a Phase 2, randomized, controlled study of ZYBRESTAT (fosbretabulin) in patients with advanced non-small cell lung cancer (NSCLC). The data from this planned interim safety analysis indicated that the combination of fosbretabulin with carboplatin and paclitaxel plus bevacizumab (Avastin) appeared to be well-tolerated, and that there were no significant overlapping toxicities with bevacizumab. Notably, five of the six patient deaths during the evaluation period were due to disease progression and occurred in the control arm. The results are based on the analysis of data from 30 patients with advanced NSCLC. Of the 30 patients evaluated, 15 were enrolled in the control arm of the study and were given bevacizumab with carboplatin and paclitaxel, and 15 were enrolled in the treatment arm of the study and were given the same combination with the addition of ZYBRESTAT. During the maintenance phase of the study, patients were given either bevacizumab alone or bevacizumab plus ZYBRESTAT.
OXiGENE, Inc. To Acquire VaxGen, Inc. In Stock-for-Stock Merger
OXiGENE, Inc. and VaxGen, Inc. announced that they have entered into a definitive merger agreement pursuant to which OXiGENE will acquire VaxGen in exchange for common stock of OXiGENE. Upon closing of the transaction, VaxGen will become a wholly owned subsidiary of OXiGENE, and VaxGen stockholders will become stockholders of OXiGENE. At the closing of the transaction, OXiGENE will issue approximately 15.6 million shares of common stock in exchange for all outstanding shares of VaxGen's common stock. The number of shares issued at closing will be subject to adjustment if VaxGen's net cash, as of a date shortly before the closing, as agreed by both parties, less certain expenses and liabilities, is greater or less than approximately $33.2 million. Based upon the shares of common stock of OXiGENE and VaxGen currently outstanding and assuming net cash at closing equals the target net cash, the stockholders of VaxGen would receive approximately 0.4719 shares of common stock of OXiGENE for each share of VaxGen common stock. The merger agreement has been approved unanimously by the boards of directors of both OXiGENE and VaxGen. The transaction is expected to be completed in the first quarter of 2010.
OXiGENE, Inc. Announces Data Presentation At 2009 AACR-EORTC-NCI Conference
OXiGENE, Inc. announced that interim data from its randomized, controlled, Phase 2 study of ZYBRESTAT in combination with Avastin and chemotherapy in patients with advanced non-small cell lung cancer will be presented in a poster session at the upcoming AACR-EORTC-NCI Molecular Targets and Cancer Therapeutics Conference in Boston. ZYBRESTAT (fosbretabulin) is currently being evaluated in a pivotal registration study as a potential treatment for anaplastic thyroid cancer (ATC) under a Special Protocol Assessment agreement with the U.S. Food and Drug Administration (FDA). Phase II studies in platinum-resistant ovarian cancer and non-small cell lung cancer are also ongoing. Through interaction with vascular endothelial cell cytoskeletal proteins, ZYBRESTAT selectively targets and collapses tumor vasculature, thereby depriving the tumor of oxygen and causing death of tumor cells. In clinical studies in solid tumors, ZYBRESTAT has demonstrated potent and selective activity against tumor vasculature, as well as clinical activity against ATC, ovarian cancer, and various other solid tumors. In clinical studies in patients with forms of macular degeneration, intravenously-administered ZYBRESTAT has demonstrated clinical activity, and the Company is working to develop a convenient and patient-friendly topical formulation of ZYBRESTAT for ophthalmological indications.
OXiGENE, Inc. Announces Resignation Of Chief Executive Officer
OXiGENE, Inc. announced that its Chief Executive Officer (CEO), John A. Kollins, has resigned from his position with the Company and as a member of the Board of Directors in order to pursue other interests. Dr. Peter Langecker., Executive Vice President and Chief Development Officer, will serve as Interim CEO, while the Company conducts a search for a permanent replacement for Mr. Kollins.
OXiGENE, Inc. Announces Closing Of Registered Direct Offering
OXiGENE, Inc. announced that it has closed a registered direct offering of 6,250,000 units of its common stock and warrants at a price of $1.60 per unit. OXiGENE, Inc.'s gross proceeds from the offering were approximately $10 million. Each unit in the offering consisted of one share of common stock, a warrant exercisable for five years to purchase 0.45 shares of common stock at an exercise price of $2.10 per share of common stock and a warrant, exercisable during a period beginning on the date of issue and ending on a date which is the later of nine months from the date of issuance or ten trading days after the earlier of the public announcement of the outcome of the planned interim analysis by the Independent Data Safety Monitoring Committee of data from the Company's Phase II/III pivotal clinical trial regarding ZYBRESTAT as a treatment for anaplastic thyroid cancer or a public announcement of future plans for the clinical trial, as specified in the form of warrant, to purchase 0.45 shares of common stock. In addition, the Company announced the closing of the previously announced issuance of shares of its common stock to Symphony ViDA Holdings, Inc. Pursuant to the terms of the Company's Amended and Restated Purchase Option Agreement with Symphony, Symphony received 10 million shares. Lazard Capital Markets LLC served as the lead placement agent for the registered direct offering, and Merriman Curhan Ford served as the co-placement agent.
OXiGENE, Inc. To Raise $10 Million In Registered Direct Offering
OXiGENE, Inc. announced that it will raise approximately $10 million in gross proceeds, before deducting placement agent fees and other estimated offering expenses, in a registered direct offering of 6.25 million units, at a price of $1.60 per unit. Each unit will consist of one share of common stock, a warrant exercisable for five years to purchase 0.45 shares of common stock at an exercise price of $2.10 per share of common stock, and a warrant. The shares were offered under the Company's effective shelf registration statement previously filed with the Securities and Exchange Commission. In addition, the Company expects to close the previously announced issuance of shares of its common stock to Symphony ViDA Holdings, Inc. on the same date as the closing of the offering. Pursuant to the terms of the Company's Amended and Restated Purchase Option Agreement with Symphony, Symphony will receive an additional 4 million shares of common stock in connection with the closing, for an aggregate of 10 million shares. Lazard Capital Markets LLC served as the lead placement agent for the offering, and Merriman Curhan Ford served as the co-placement agent. The sale is expected to close on July 20, 2009.
OXiGENE, Inc. Announces Agreement To Acquire Symphony ViDA, Including More Than $12 Million In Unrestricted Cash And All Rights To OXi4503 And ZYBRESTAT For Ophthalmology
OXiGENE, Inc. announced that it has exercised its option to acquire all of the equity of Symphony ViDA, Inc. in exchange for six million newly-issued shares of OXiGENE, Inc. common stock, subject to adjustment as described below. Based upon a price of $2.08 per share, the closing market price of OXiGENE, Inc. 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, Inc. Common Stock outstanding. OXiGENE, Inc. and Symphony have negotiated new terms for the Purchase Option Agreement entered into on October 1, 2008 to satisfy the purchase price for OXiGENE, Inc.'s option to acquire Symphony ViDA. Under the terms of the new Amended and Restated Purchase Option Agreement, OXiGENE, Inc. will re-acquire all rights to the ZYBRESTAT 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, Inc.'s general corporate purposes, including funding development of its pivotal trial-stage drug candidate, ZYBRESTAT for oncology.
OXiGENE, Inc. Initiates Phase 2 Trial Of ZYBRESTAT For Ophthalmology
OXiGENE, Inc. announced that it has initiated a Phase 2 study of its vascular disrupting agent (VDA) drug candidate ZYBRESTAT for ophthalmology in patients with polypoidal choroidal vasculopathy (PCV). PCV is a form of choroidal neovascularization characterized by the growth of abnormal blood vessels in the back of the eye and is similar to wet age-related macular degeneration (AMD). Current therapies active against wet AMD appear to have limited benefits in patients with PCV, and OXiGENE believes the abnormal vasculature in the retina and choroid that contributes to PCV patients' loss of vision may be susceptible to treatment with ZYBRESTAT. The Phase 2 FAVOR (Fosbretabulin Against Vasculopathy of the Retina/choroid) study is a single-dose, randomized, double-masked, placebo-controlled trial being conducted at up to 10 sites in multiple countries in Asia and is expected to enroll approximately 40 patients. Patients will receive one of four dose levels of intravenous ZYBRESTAT (fosbretabulin) or a placebo on Day 1, and will return for ophthalmologic assessments on Days 2, 8, 15, and 29. The study will examine effects of ZYBRESTAT on PCV assessed as a change from baseline in the number of polypoid lesions as measured by imaging with indocyanine green angiography (ICGA) as well as changes to the vascular network, edema and retinal thickness. The Company expects to announce top-line data from the Phase 2 trial in the first half of 2010.
OXiGENE, Inc. Elects William N. Shiebler As Chairman-Form 8-K
OXiGENE, Inc. reported in its Form 8-K that on May 28, 2009, William N. Shiebler was elected by the other members of the Board as Chairman of the Company.
UPDATE 1-Oxigene to buy VaxGen for about $22 mln in stock
* To issue 15.6 mln shrs in exchange for all VaxGen shrs
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