MARLBOROUGH, Mass.,
April 11, 2018 /PRNewswire/ -- RXi
Pharmaceuticals Corporation (NASDAQ: RXII), a biotechnology company
developing immuno-oncology therapeutics based on its proprietary
self-delivering RNAi (sd-rxRNA®) therapeutic platform, announced
today the closing of its previously announced registered direct
offering of shares of common stock priced at-the-market for gross
proceeds of approximately $4.9
million.
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H.C. Wainwright & Co., LLC acted as the exclusive placement
agent for the offering.
RXi issued 1,510,604 shares of common stock, par value
$0.0001 per share, at a price of
$3.15 per share. Additionally, in a
concurrent private placement offering, RXi issued
unregistered warrants to purchase a total of 1,132,953 shares
of common stock, representing 75% of the shares of common stock
purchased in the registered offering. Each warrant has been sold at
a price of $0.125 per underlying
warrant share, is exercisable at an exercise price of $3.15 per share and exercisable immediately and
will expire on the earlier of five and one-half years from the
issuance date and 5 years from the date a registration statement
registering the shares of common stock underlying the warrants
becomes effective.
The net proceeds of the offering are estimated to be
approximately $4.1 million, after
deducting placement agent fees and estimated offering expenses. RXi
plans to use the net proceeds to fund the preclinical and clinical
development of its immuno-oncology program, for other research and
development activities and for general working capital needs.
The shares of common stock (but not the warrants or the shares
of common stock underlying the warrants) were offered pursuant to a
"shelf" registration statement on Form S-3 that was filed and
declared effective by the Securities and Exchange Commission
("SEC") and the base prospectus contained therein (File No.
333-224031). The offering of the shares of common stock were made
only by means of a written prospectus and prospectus supplement
forming a part of the registration statement. The warrants
described above were offered in a private placement under Section
4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and
Regulation D promulgated thereunder and, along with the shares of
common stock underlying the warrants, have not been registered
under the Act, or applicable state securities laws. Accordingly,
the warrants and underlying shares of common stock may not be
offered or sold in the United
States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Act and such applicable state securities
laws.
Copies of the final prospectus supplement and accompanying base
prospectus may be obtained on the SEC's website
at http://www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at 646-975-6996 or
e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
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
RXi Pharmaceuticals Corporation (NASDAQ: RXII) a biotechnology
company developing immuno-oncology therapeutics based on its
self-delivering RNAi (sd-rxRNA®) therapeutic platform. Building on
the pioneering discovery of RNAi, scientists at RXi have harnessed
the naturally occurring RNAi process which can be used to "silence"
or down-regulate the expression of a specific gene that may be
overexpressed in a disease condition. RXi developed a robust RNAi
therapeutic platform, including sd-rxRNA compounds, that has the
potential to highly selectively block the expression of any target
in the genome, thus providing applicability to many therapeutic
areas. RXi's extensive patent portfolio provides for multiple
product and business development opportunities across a broad
spectrum of therapeutic areas, and we actively pursue research
collaborations, partnering and out-licensing opportunities with
academia and pharmaceutical companies. For additional information,
visit 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: our expectation regarding closing of the offering, our
ability to successfully develop RXI-109, Samcyprone™, RXI-762,
RXI-804 and our other product candidates (collectively "our product
candidates"); the future success of our clinical trials with our
product candidates; the timing for the commencement and completion
of clinical trials; our ability to enter into strategic
partnerships and the future success of these strategic
partnerships; and our ability to deploy our sd-rxRNA® technology
through partnerships, as well as the prospects of these
partnerships to provide positive returns. Forward-looking
statements about expectations and development plans of RXi's
product candidates and partnerships involve significant risks and
uncertainties, including the following: risks that we may not be
able to successfully develop and commercialize our product
candidates; risks that product development and clinical studies may
be delayed, not proceed as planned and/or be subject to significant
cost over-runs; risks related to the development and
commercialization of products by competitors; risks related to our
ability to control the timing and terms of collaborations with
third parties; and risks that other companies or organizations may
assert patent rights preventing us from developing or
commercializing our product candidates. Additional risks are
detailed in our most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q under the caption "Risk
Factors." Readers are urged to review these risk factors and
to not act in reliance on any forward-looking statements, as actual
results may differ from those contemplated by our forward-looking
statements. RXi does not undertake to update forward-looking
statements to reflect a change in its views, events or
circumstances that occur after the date of this release.
Contact
RXi Pharmaceuticals Corporation
Tamara McGrillen
508-929-3646
tmcgrillen@rxipharma.com
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SOURCE RXi Pharmaceuticals Corporation