RXi Pharmaceuticals Announces $10 Million Public Offering of Common Stock and Warrants

MARLBOROUGH, Mass., May 28, 2015 /PRNewswire/ -- RXi Pharmaceuticals Corporation (NASDAQ: RXII), a biotechnology company focused on discovering and developing innovative therapeutics, primarily in the areas of dermatology and ophthalmology, today announced the pricing of a public offering of 26 million units at a price to the public of $0.40 per share for gross proceeds of approximately $10.4 million. Each unit consists of (i) one share of common stock, (ii) 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 (iii) a five-year warrant to purchase 0.50 of a share of common stock at a price of $0.52 per share. The shares of common stock, overallotment purchase rights and warrants are immediately separable and will be issued separately. Net proceeds, after estimated placement agent fees and other estimated offering expenses, and assuming the overallotment purchase rights and warrants are not exercised, will be approximately $9.3 million. The offering is expected to close on or about June 2, 2015, subject to satisfaction of customary closing conditions.

H.C. Wainwright & Co., LLC is acting as the Company's exclusive placement agent on a best efforts basis with respect to the offering.

The securities described above are being offering by RXi Pharmaceuticals pursuant to a registration statement on Form S-1, together with a prospectus, and pursuant to a registration statement on Form S-1MEF both previously filed and currently effective. A preliminary prospectus related to the offering was filed with the SEC on May 27, 2015 and a final prospectus related to the offering will be filed with the SEC on or about June 1, 2015. Copies of the preliminary prospectus and the final prospectus, when available, may also be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, New York 10022, via e-mail at [email protected] or via telephone at (212) 356-0530.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About RXi Pharmaceuticals Corporation

RXi Pharmaceuticals Corporation (NASDAQ: RXII) is a biotechnology company focused on discovering and developing innovative therapeutics, primarily in the areas of dermatology and ophthalmology, that address high-unmet medical needs. Our discovery and clinical development programs are based on siRNA technology as well as immunotherapy agents. These compounds include, but are not limited to, our proprietary, self-delivering RNAi (sd-rxRNA^®) compounds for the treatment of dermal and retinal scarring. It also includes an immunomodulator, Samcyprone™, a proprietary topical formulation of diphenylcyclopropenone (DPCP), for the treatment of such disorders as alopecia areata, warts, and cutaneous metastases of melanoma. 

RXi's robust pipeline, coupled with an extensive patent portfolio, provides for product and business development opportunities across a broad spectrum. We are committed to being a partner of choice for academia, small companies, and large multinationals. We welcome ideas and proposals for strategic alliances, including in- and out-licensing opportunities, to advance and further develop strategic areas of interest. Additional information may be found on the Company's website, www.rxipharma.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the offering. These forward-looking statements involve significant risks, uncertainties and assumptions, including the risk that the offering does not close. RXi Pharmaceuticals Corporation does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this release.

Contact

RXi Pharmaceuticals Corporation
Tamara McGrillen
508-929-3646
[email protected] 

SOURCE RXi Pharmaceuticals Corporation

Related Links

http://www.rxipharma.com