RXi Announces Pricing For Offering
Worcester-based RXi Pharmaceuticals has priced its public offering of common stock and warrants at $1.35 per unit with a total offering of 6 million units.
At that pricing, the company hopes to raise $8.1 million with net proceeds totaling $7.3 million. The capital will be used for general corporate purposes.
Each unit consists of one share of common stock, a 13-month warrant to purchase half of a share of common stock at $1.70 per share and a five-year warrant to purchase half of a share of common stock at $1.87.
RXi shares closed yesterday at $1.70 per share.
The company is developing drugs based on RNAi, which seeks to treat diseases by interfering with the genes thought to trigger those diseases. It was founded in part by Craig Mello, a University of Massachusetts Medical School researcher who won a Nobel Laureate for his research into RNAi.
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