OXiGENE Receives Listing Decision From NASDAQ
March 02 2011 - 5:15PM
OXiGENE, Inc. (Nasdaq:OXGND), a clinical-stage, biopharmaceutical
company developing novel therapeutics to treat cancer and eye
diseases, today announced that, on March 1, 2011, the Company
received a determination from the NASDAQ Listing Qualifications
Panel (the "Panel") enabling its Common Stock to trade on The
NASDAQ Capital Market. The Company will have until June 13,
2011 to demonstrate compliance with the minimum $1.00 per share
closing bid price requirement ("Bid Price") and all continued
listing standards of The NASDAQ Capital Market.
As previously announced, on February 25, 2011, the Company
implemented a 1-for-20 reverse stock split of its common shares in
an effort to regain compliance with NASDAQ's Bid Price
requirement. The Company may demonstrate compliance with the
applicable requirements if its common stock has a closing bid price
of at least $1.00 per share for a minimum of ten consecutive
business days prior to June 13, 2011. The consolidated closing bid
price for the Company's stock today was $2.27 per
share. Separately, the Company must demonstrate regained
compliance with the minimum market value of listed securities
("Market Capitalization") requirement and the minimum stockholders'
equity ("Equity") requirement prior to June 13, 2011. While
the Company expects to regain compliance with all The NASDAQ
Capital Market listing requirements and satisfy all the terms of
the Panel's decision, there can be no assurance that it will be
able to do so.
The transfer of the Company's listing from The NASDAQ Global
Market to The NASDAQ Capital Market will take effect with the open
of NASDAQ trading on March 3, 2011. The Company will continue
to trade under the ticker symbol OXGND through March 21, 2011. The
Company's symbol will revert back to OXGN on March 22, 2011.
About OXiGENE, Inc.
OXiGENE is a clinical-stage biotechnology company developing
novel small-molecule therapeutics to treat cancer and eye diseases.
The Company's major focus is the clinical advancement of drug
candidates that selectively disrupt abnormal blood vessels
associated with solid tumor progression and visual impairment.
OXiGENE is dedicated to leveraging its intellectual property
position and therapeutic development expertise to bring life saving
and enhancing medicines to patients.
The OXiGENE, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4969
Safe Harbor Statement
This news release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
including the Company's anticipated ability to regain compliance in
a timely manner with the Bid Price, Market Capitalization, Minimum
Equity or other Nasdaq Capital Market listing requirements and
satisfy all the terms of the Panel's decision. Any or all of the
forward-looking statements in this press release may turn out to be
wrong. Forward-looking statements can be affected by inaccurate
assumptions OXiGENE might make or by known or unknown risks and
uncertainties, including, but not limited to, the Company's
inability to obtain additional financing or achieve the required
market value of its listed securities. Additional information
concerning factors that could cause actual results to materially
differ from those in the forward-looking statements is contained in
OXiGENE's reports to the Securities and Exchange Commission,
including OXiGENE's reports on Form 10-K, 10-Q and 8-K. However,
OXiGENE undertakes no obligation to publicly update forward-looking
statements, whether because of new information, future events or
otherwise. Please refer to our Annual Report on Form 10-K for the
fiscal year ended December 31, 2009.
CONTACT: Investor and Media Contact:
Michelle Edwards, Investor Relations
medwards@oxigene.com
650-635-7006
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