This article is more than 5 years old. Information may no longer be current.

OXiGENE to acquire Symphony ViDA, all rights to Zybrestat

Add topic to email alerts

Receive an email when new articles are posted on

Please provide your email address to receive an email when new articles are posted on .

Subscribe

Added to email alerts

You've successfully added to your alerts. You will receive an email when new content is published.

Click Here to Manage Email Alerts

You've successfully added to your alerts. You will receive an email when new content is published.

Click Here to Manage Email Alerts

Back to Healio

We were unable to process your request. Please try again later. If you continue to have this issue please contact customerservice@slackinc.com.

Back to Healio

SOUTH SAN FRANCISCO, Calif. — OXiGENE has exercised its option to acquire Symphony ViDA in exchange for 6 million newly issued shares of its common stock, OXiGENE announced in a press release.

Based on the closing market price of OXiGENE common stock on July 2, the offering is valued at $2.08 per share for a sum of approximately $12.5 million, the release said.

Under the terms of a new, amended and restated purchase option agreement, OXiGENE will reacquire all rights to its Zybrestat (fosbretabulin) clinical program, which is currently licensed to Symphony ViDA. In addition, the approximately $12.5 million in cash currently held by Symphony ViDA will become available to OXiGENE for general corporate purposes, including the planned funding of the drug's clinical development.

Should OXiGENE issue additional securities at a price lower than $2.08 per share before Jan. 2, 2010, Symphony will retain the right to receive additional securities equal to the difference in value of the securities at the time of the issuance and $2.08 per share, according to the release.

Upon closing of the transaction, which is expected to occur within 30 days, Symphony Capital will own approximately 44% of OXiGENE's total outstanding common stock.