Under the terms of the agreement, OXiGENE will determine the exact timing and amount of any CEFF financings, subject to certain conditions. OXiGENE can access up to $40 million from Kingsbridge in exchange for newly-issued shares of OXiGENE’s common stock. Kingsbridge is committed under the CEFF to purchase the lesser of approximately 5.7 million shares of common stock or $40 million of common stock from OXiGENE. The agreement does not prohibit OXiGENE from conducting additional debt or equity financing, other than financings similar to the CEFF.
Jim Murphy, vice president and CFO of OXiGENE, said: “We expect the CEFF to enhance OXiGENE’s financial flexibility as we work to advance our drug development programs and business development initiatives.”