Will news that OXiGENE, Inc. (NASDAQ: OXGN) has closed on a $10 million stock offering with institutional investors boost OXGN stock? We may soon see as the closing is expected to take place around March 25, 2015. A press release noted the money raised will be used to advance their ovarian cancer drug entering Phase 3 trials. OXGN reported total cash of $30.04 million as of Dec. 31, 2014.
Oxigene, Inc. is a biopharmaceutical firm developing innovative new cancer therapies using anti-vascular drugs. The products in the Oxigene pipeline are known as vascular disrupting agents or VDA’s designed to disrupt solid tumor blood vessels. Currently they have one product, Avastin, entering Phase 3 ovarian cancer clinical trials. In addition, they have another product in Phase 2, and two others in Phase 1.
Many analysts have jumped on the OXGN bandwagon with buy ratings and price targets of $6.00 and $6.50 per share. OXGN is currently priced at $1.44 per share just above a 52-week low of $1.42 a share and well below its high of $4.00 almost a year ago. The 50 DMA is $1.70 and 200 DMA is $1.86. Oxigene, Inc. (OXGN) has a market cap of about $30 million.
Stay tuned TKO’ers!
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