July 31, 2009
RXi Plans $7.8M Share Offering
By Matthew L. Brown
Worcester-based RXi Pharmaceuticals Corp. is offering 2.4 million shares of its common stock for sale to the public.
The shares will sell for $3.50 apiece. The offering is expected to close around Aug. 4. The company is also offering warrants for another 954,286 shares to be sold at $4.50 per share in early February.
RXi expects a net gain of about $7.8 million from the sale and will use the proceeds as working capital and for other general corporate purposes.
RXi is developing drugs based on RNAi. RNAi seeks to treat diseases by interfering with the genes thought to be responsible for those diseases.
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