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
placements@hcwco.com 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
tmgrillen@rxipharma.com
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SOURCE RXi Pharmaceuticals Corporation