OXGN - Oxigene
This should be the explanation. "Someone" has been driving up ths stock price, gone short and is now buying into the issue. How neat. They can actually still short it as it is quoted at 12,50 (down 10 % on the day). Because no-one at their senses would put new money into OXGN at 10 dollars a share. There was a reason BMY returned their drug.
OXiGENE Announces $15 Million Private Placement of Common Stock
Tuesday June 10, 9:33 am ET
WATERTOWN, Mass.--(BUSINESS WIRE)--June 10, 2003--OXiGENE, Inc. (NASDAQ: OXGN, XSSE: OXGN) today announced that the Company has entered into a definitive agreement with three large institutional investors to sell 1,500,000 shares of Common Stock at $10.00 per share, resulting in gross proceeds to OXiGENE of approximately $15.0 million.
The $10.00 price per share in the transaction represents approximately a 22 percent premium to the five-day average closing price of the Company's Common Stock as traded on the NASDAQ National Market for the five days ended June 9, 2003. The price also represents a 12 percent discount to the five-day Volume Weighted Average Price of the Company's Common Stock as traded on the NASDAQ National Market for the five days ended June 9, 2003. After deducting commissions and expenses, the Company will receive approximately $14.0 million. The investors also will receive warrants to purchase an aggregate of 375,000 shares of Common Stock, which will be exercisable at a price of $15 per share.
Roth Capital Partners, LLC served as placement agent for the transaction. OXiGENE intends to use the proceeds of the financing to fund the Company's operations and ongoing clinical and pre-clinical development programs. |
