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Friday, July 31, 2009
RXi Pharmaceuticals gets $8.3M in public offering
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RXi Pharmaceuticals Corp. has raised $8.3 million in a follow-on public offering of common stock, which the Worcester-based biotech says it will use for working capital and general business needs.
According to RXi (Nasdaq: RXII) officials, the company entered a deal to purchase of 2.36 million shares at $3.50 per share, and warrants to purchase up to 954,286 shares at an exercise price of $4.50 per share, which will be exercisable about Feb. 4, 2010. The sale is expected to close early next week, officials said, and after payments are made, RXi will see approximately $7.8 million in net proceeds.
RXi is a biopharmaceutical company working on proprietary therapeutics based on RNA interference (RNAi). Among the company’s founders is University of Massachusetts researcher Craig Mello, who was a winner of the 2006 Nobel Prize for his co-discovery of RNAi.
Earlier this week, RXi said it had exercised its option to an exclusive worldwide license to RNA interference (RNAi) technologies from Advirna LLC. The technologies licensed from Boulder, Colo.-based Advirna uses four approaches to deliver RNAi-based therapeutics to living tissue, with the main focus on RNAi delivery without the use of a separate delivery vehicle. The Advirna technology has been integrated into RXi’s rxRNA platform to create self-delivering rxRNAs.
In April, RXi appointed Ramani Varanasi as its vice president of business development, promoted then CFO Stephen DiPalma to the office of executive vice president of business operations and CFO, and director of discovery research Joanne Kamens to the role of senior director of that department.
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