16 April 2018 - - US-based clinical-stage RNAi company RXi Pharmaceuticals Corp. (NASDAQ: RXII) has entered into definitive agreements with several institutional and accredited investors for the purchase of 1,510,604 shares of its common stock at a purchase price per share of USD3.24375 in a registered direct offering priced at-the-market, the company said.
The company anticipates gross proceeds of approximately USD4.9 m.
RXi has also agreed to issue to the investors unregistered warrants to purchase up to 1,132,953 shares of common stock.
The company intends to use the net proceeds from this offering for general corporate purposes, including but, not limited to, funding its preclinical and clinical development, other research and development activities and for general and administrative expenses.
RXi Pharmaceuticals develops innovative therapeutics that address significant unmet medical needs. 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.