Cases & Deals

Symphony Capital forms joint venture with OXiGENE

Client(s) Symphony Capital LLC

Jones Day advised Symphony Capital Partners, L.P., and its co-investors in connection with a series of transactions with OXiGENE, Inc. to provide up to $40 million to further advance OXiGENE's pipeline of vascular disrupting agent drug candidates for cancer and eye diseases. Symphony has agreed to provide up to $25 million in funding to a Symphony/OXiGENE joint venture, Symphony ViDA, Inc., to accelerate clinical and other related development activities for (i) OXiGENE's OXi4503 product candidate and (ii) ZYBRESTAT for certain ophthalmology indications.

In addition, Symphony has invested $15 million directly in OXiGENE to be used for general corporate purposes, including for the development of ZYBRESTAT in oncology. All product candidates were, as of the closing of the transaction, in preclinical or the early stages of clinical development. OXiGENE exclusively licensed to Symphony ViDA certain intellectual property related to its OXi4503 and ZYBRESTAT product candidates. OXiGENE received an exclusive purchase option from Symphony ViDA's investors that will allow OXiGENE to reacquire the intellectual property by purchasing all of Symphony ViDA's equity at a predetermined price during the anticipated four-year collaborative development period.