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Biopharmaceutical company OXiGENE (OXGN) announced a 10 million dollar offering. Each unit offered comes with one share and a warrant to buy .45 shares; the offering price is a dollar 60 per unit, and the exercise price on the warrants is 2 dollars and 10 cents. OxiGENE shares down over 16%.

Also tapping the capital markets is Business Development Company Fifth Street Finance (FSC), announcing an offering of 6 and a half million common shares. Fifth Street said it will use the proceeds to repay outstanding borrowings under its credit facility, and use the remainder to invest in small and mid-sized companies. The company also gave guidance for net investment income of 34 to 36 cents per share in the quarter ending June, and said its net asset value would be approximately 11 dollars and 94 cents.

Shares were off about 5 and a half percent early Wednesday, trading below its net asset value, at 9 dollars and 34 cents per share.

And CoBiz Financial (COBZ) priced its previously announced offering at 4 dollars and 50 cents per share; that stock trading down over 8%, and trading below the offering price, at 4 dollars and 44 cents.

For MarketNewsVideo.com, I'm Michael Phillips.