RXi raises $11.5M for clinical trials, Cambridge purchase
Courtesy of RXi Pharmaceuticals Corp.
RXi Pharmaceuticals Corp. announced Thursday it has completed a $11.5-million public offering of its stock.
Marlborough drugmaker RXi Pharmaceuticals Corp. announced Thursday it has completed a $11.5-million public offering of its stock, planning to use the money to fund its clinical trials, a planned Cambridge acquisition and other expenses.
In the offering, the clinical-stage company issued 2,131,111 shares of common stock at a public offering price of 90 cents per unit, and 8,082 shares of Class B Units at $1,000 per unit. Net proceeds are estimated to total $10.4 million after expenses are deducted, and the company plans to use the proceeds to support its clinical trials, corporate purchases, administrative expenses, and to help pay for the potential previously announced acquisition of Cambridge biopharma MirImmune.
Several healthcare investors participated in the financing, including an existing RXi investor, the company’s CEO, OPKO Health, Inc., and MirImmune co-founder Timothy Barberich. Ladenburg Thalmann & Co. Inc acted as the sole bookrunner, and Griffin Securities, Inc. acted as co-manager.
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