OXiGENE Regains NASDAQ Closing Bid Price Compliance
16 March 2011 - 9:44AM
OXiGENE, Inc. (Nasdaq:OXGND), a clinical-stage, biopharmaceutical
company developing novel therapeutics to treat cancer and eye
diseases, today announced that on March 10, 2011, NASDAQ notified
the Company that it regained compliance with the minimum $1.00 per
share closing bid price requirement for continued listing.
As previously announced, following a hearing before a NASDAQ
Listing Qualifications Panel (the "Panel"), the Panel decided to
continue the Company's listing on The NASDAQ Capital Market,
following transfer from The NASDAQ Global Market, subject to the
condition that, on or before June 13, 2011, the Company evidence a
closing bid price of $1.00 per share or more for at least ten prior
consecutive trading days. Separately, the Company must also
demonstrate regained compliance with the $35 million minimum market
value of listed securities ("Market Capitalization") requirement or
the minimum $2.5 million stockholders' equity ("Minimum 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 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 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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