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RXi Pharmaceuticals Corp. has made a public stock and warrants offering that could bring about $12 million to the Worcester RNAi therapeutics firm.
RXi priced the offering at $1 per unit for 11,950,000 units, with each unit consisting of one common stock share and one warrant to buy a common stock share. The company announced the offering in a news release today.
Plans for the funds, which amount to net proceeds of $10.9 million, include working capital, research and development expenses, clinical and pre-clinical trial expenses, new technology acquisitions, investments and commercial expenses.
RXI announced at the end of March that it planned to spend about $7.2 million in a stock deal to acquire Apthera Inc., an Arizona biotechnology company developing cancer therapeutics.
At the beginning of March, RXI raised $8.1 million through a public stock offering of six million units of combined stocks and warrants. Both the new offering and the March offering fall under shelf registration statement RXi filed in May of 2010 to raise a potential $75 million over a number of offerings.
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