RXi Pharmaceuticals eyes $15M from investors via public offering
Photo | Brad Kane
Geert Cauwenbergh, president and CEO, RXi Pharmaceuticals Corp., Marlborough.
Marlborough’s fledgling drugmaker RXi Pharmaceuticals is hoping to raise about $15 million via a public offering in which it hopes to sell at least 21.4 million of its shares.
The company, which so far has relied on investor support and other partnerships for income, is selling its shares along with warrants to purchase another share for 70 cents each.
The company hopes to take in about $15 million, which it will use toward development of the company’s immuno-oncology program and other research and development activities.
This offering and proposed use continues the company’s move toward the lucrative cancer market, which the company began in earnest last winter. The company hopes that move will coincide with the sale of other sectors in the company, including its dermatology and ophthalmology businesses.
In August, RXi said it had $5.3 million cash on hand at the end of the second quarter.
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