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RXi Pharmaceuticals announces public stock offering
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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