By Devika Patel
Knoxville, Tenn., March 23 - RXi Pharmaceuticals Corp. arranged a $16.2 million registered direct offering of stock, according to a prospectus supplement filed Tuesday with the Securities and Exchange Commission.
The company will sell 2.7 million common shares, with warrants for 540,000 additional shares, at $6.00 per share. The warrants are each exercisable at $6.00 for 78 months.
Rodman & Renshaw, LLC is the agent.
Settlement is expected March 26.
Proceeds will be used to meet working capital needs and for general corporate purposes, as well as to repurchase 675,000 shares from CytRx at $5.70 per share.
RXi Pharmaceuticals is a Worcester, Mass., discovery-stage biopharmaceutical company.
| Issuer: | RXi Pharmaceuticals Corp.
|
| Issue: | Common shares
|
| Amount: | $16.2 million
|
| Units: | 2.7 million
|
| Price: | $6.00
|
| Warrants: | For 540,000 shares
|
| Warrant expiration: | 78 months
|
| Warrant strike price: | $6.00
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | March 23
|
| Settlement date: | March 26
|
| Stock symbol: | Nasdaq: RXII
|
| Stock price: | $8.11 at close March 22
|
| Market capitalization: | $97.9 million
|
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