RXi Pharmaceuticals announces public stock offering

RXi Pharmaceuticals Corp. recently announced a public offering of 26 million units of stock and for a gross proceeds of $10.4 million.

The biotechnology company is focused on discovery and development of innovative therapeutics, primarily in dermatology and ophthalmology, according to a press release.

Each unit will be offered to the public at $0.40 per share, and will consist of one share of common stock, a 13-month overallotment purchase right to purchase 0.50 of a share of common stock at a price of $0.455 per share and a 5-year warrant to purchase 0.50 of a share of common stock at a prices of $0.52 per share, according to the release. RXi reported that net proceeds are expected to be approximately $9.3 million, and it expects the offering to close on or about June 2, subject to satisfaction of closing conditions.

Compounds developed by RXi Pharmaceuticals include a proprietary, self-delivering RNAi compounds for treating dermal and retinal scarring and Samcyprone, an immunomodulator that is a proprietary topical formulation of diphenylcyclopropenone for treating alopecia areata, warts and cutaneous metastases of melanoma, the release stated.

Reference: www.rxipharma.com