By Devika Patel
Knoxville, Tenn., Feb. 5 - RXi Pharmaceuticals Corp. said it has arranged a $25 million two-year line of credit with YA Global Investments.
The company will sell shares in tranches of up to $500,000.
The price for the common shares will be calculated on the basis of the lowest daily volume-weighted average price of RXi's stock over five consecutive trading days following the date RXi notifies YA Global that it intends to sell shares, less a 5% discount.
RXi Pharmaceuticals is a Worcester, Mass., discovery-stage biopharmaceutical company.
| Issuer: | RXi Pharmaceuticals Corp.
|
| Issue: | Equity line of credit
|
| Amount: | $25 million
|
| Tenor: | Two years
|
| Price: | 95%
|
| Warrants: | No
|
| Investor: | YA Global Investments
|
| Settlement date: | Feb. 5
|
| Stock symbol: | Nasdaq: RXII
|
| Stock price: | $5.91 at close Feb. 4
|
| Market capitalization: | $82.6 million
|
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