MARLBOROUGH,
Mass., Oct. 3, 2018
/PRNewswire/ -- RXi Pharmaceuticals Corporation (NASDAQ:
RXII), a biotechnology company developing the next generation of
immuno-oncology therapeutics based on its proprietary
self-delivering RNAi (sd-rxRNA®) therapeutic platform, today
announced the closing of its previously announced underwritten
public offering of 3,725,714 units at a public offering price of
$0.70 per unit and 17,702,858
pre-funded units at a public offering price of $0.69 per pre-funded unit, raising gross proceeds
of approximately $15 million. The
Company intends to use the net proceeds of this offering towards
the development of RXi's immuno-oncology program, for other
research and development activities and for general working
capital.
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H.C. Wainwright & Co. acted as the sole book-running
manager for the offering.
Each unit sold in this offering contained one share of
common stock and one warrant to purchase one share of common stock.
Each pre-funded unit sold in this offering included one pre-funded
warrant to purchase one share of common stock, at an exercise of
$0.01 per share, and one warrant to
purchase one share of common stock. Each warrant has
an exercise price of $0.70 per share,
is exercisable immediately and will expire seven years from the
date of issuance. The shares of common stock (or the pre-funded
warrants, as the case may be) and the accompanying warrants
included in the units or pre-funded units were purchased together
in this offering but were issued separately.
A registration statement on Form S-1 relating to the
public offering of the securities described above was filed with
the Securities and Exchange Commission ("SEC") and was declared
effective on September 28, 2018, and
an additional registration statement on Form S-1 filed pursuant to
Rule 462(b) became automatically effective on October 1, 2018. The offering was made only by
means of a prospectus forming part of the effective registration
statements. Copies of the final prospectus relating to the offering
is available on the SEC's website at www.sec.gov and may also be
obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd
Floor, New York, NY 10022, by
calling (646) 975-6996 or by emailing
placements@hcwco.com.
This press release shall not constitute an offer to sell
or the solicitation of an offer to buy these securities, 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
RXi Pharmaceuticals Corporation (NASDAQ: RXII) is a
biotechnology company developing the next generation of
immuno-oncology therapeutics based on its self-delivering RNAi
(sd-rxRNA®) therapeutic platform. The Company's discovery and
research efforts are focused on developing sd-rxRNA therapeutic
compounds to be used with an Adoptive Cell Transfer (ACT) approach.
This process uses immune cells, such as T-lymphocytes that are
isolated from the patient or retrieved from allogeneic immune cell
banks, and then expanded and in some cases processed to express
tumor-binding receptors. Our approach introduces a new and
important step in ex-vivo processing of the immune
cells where sd-rxRNA is used to eliminate the expression of
immunosuppressive receptors or proteins from the therapeutic immune
cells, making them less sensitive to tumor resistance mechanisms
and thus improving their ability to destroy the tumor cells.
Essentially, we aim to maximize the power of our sd-rxRNA
therapeutic compounds by weaponizing therapeutic immune effector
cells to attack cancer and ultimately provide patients battling
terminal cancers with a powerful new treatment option that goes
beyond current treatment modalities. 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: the use of the net proceeds, as well as 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
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SOURCE RXi Pharmaceuticals Corporation