RXi Files For NASDAQ Listing, Announces Stock Split
Westborough-based RXi Pharmaceuticals Corp., a clinical-phase biotechnology company focusing on RNA-target technology, has filed an application for listing on The NASDAQ Capital Market.
RXi also announced a 1-for-30 reverse split of its issued and outstanding shares of common stock. Trading will begin on a post-split basis at the opening of the OTCQX marketplace on July 24. Stockholders will receive cash in lieu of fractional shares follow the split, RXi said in a statement.
“This reverse stock split, combined with a possible NASDAQ Capital Market listing, is the next important step for RXi Pharmaceuticals in becoming a strong biotechnology company,” said Geert Cauwenbergh, RXi president and CEO. “If approved, we believe that the NASDAQ listing and the reverse stock split will create the conditions for RXi to gain access to a broader institutional investment community, to strengthen our financing flexibility, and to provide greater liquidity for our shareholders.”
In June, RXi began trading on OTCQX, a segment of the OTC Market Group reserved for U.S. companies that meet certain quality standards. The company’s first product candidate — RXI-109 — targets connective tissue growth factor to reduce dermal scarring, according to the company. It entered into human clinical trials in June 2012.
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