ARTICLE | Company News

OxiGene deal

October 6, 2008 7:00 AM UTC

OxiGene out-licensed Zybrestat fosbretabulin for ophthalmic indications and cancer compound OXi4503 to newco Symphony ViDA Inc. Symphony ViDA was formed by Symphony Capital Partners L.P., which provided an initial investment of $15 million and agreed to provide up to $10 million more in the first two years. Symphony Capital also committed to invest $15 million in OxiGene through the purchase of 2.2 million shares at $1.11 and warrants to purchase 11.3 million shares at $1.11.

OxiGene gave Symphony Capital 3.6 million shares valued at $4 million based on OxiGene's close of $1.11 on Sept. 30, before the deal was announced. In exchange, OxiGene received an exclusive option to acquire Symphony ViDA. If the company does not exercise its option, Symphony ViDA will retain exclusive rights to Zybrestat for ophthalmic indications and OXi4503. Symphony Capital will receive up to $1 million in OxiGene stock upon additional investment by Symphony Capital in Symphony ViDA. ...