June 25, 2013 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders of shares OXiGENE Inc (NASDAQ:OXGN) was announced concerning whether certain OXiGENE officers and directors possibly breached their fiduciary duties in connection with certain statements.

The investigation by a law firm concerns whether certain OXiGENE officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders approval for an amendment to the Companys 2005 Stock Plan.

In the Proxy Statement filed by OXiGENE Inc with the Securities and Exchange Commission the Board of Directors recommends that OXiGENEs shareholders vote to approve an amendment to the Companys 2005 Stock Plan to increase the number of shares of OXiGENE common stock reserved for issuance thereunder from 333,333 shares to 833,333 shares

According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of NASDAQ:OXGN common stock.

OXiGENE Inc reported that its Net Loss declined from $24.73 million in 2009 to $8.08 million in 2012.

Shares of OXiGENE Inc (NASDAQ:OXGN) closed on June 20, 2013 at $2.92 per share.