RXi Pharmaceuticals announces $10 million public offering
RXi Pharmaceuticals of Marlborough said last week it is making a public offering of common stock and warrants.
The company, which focuses on research in the areas of dermatology and ophthalmology, is offering 26 million units at 40 cents per share, for gross proceeds of about $10.4 million. Net proceeds should be approximately $9.3 million, the RXi said.
Each unit consists of a share of common stock, a 13-month overallotment purchase right to purchase half a share of common stock at a price of $0.455 per share, and a five-year warrant to purchase half a share of common stock at a price of $0.52 per share.
The offering is expected to close on or about June 2, the company said.
RXi’s business builds on the discovery of RNAi, or RNA interference, in human cells. The company is working to bring an anti-scarring treatment to market.
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