Company negotiates 30-month stock sale with Lincoln Park Capital Fund
By Devika Patel
Knoxville, Tenn., April 22 - RXi Pharmaceuticals Corp. said it arranged a $20 million stock purchase agreement with Lincoln Park Capital Fund, LLC. It has already raised $2 million at a purchase price of $4.00 per share.
The company will sell common shares to Lincoln Park over 30 months. The purchase price of the shares will be based on prevailing market prices at the time of sale.
Lincoln Park received 100,000 shares as a commitment fee.
Proceeds will be used for research and development activities and other general corporate purposes.
Based in Lake Oswego, Ore., RXi is a biopharmaceutical company.
| Issuer: | RXi Pharmaceuticals Corp.
|
| Issue: | Stock purchase agreement
|
| Amount: | $20 million
|
| Tenor: | 30 months
|
| Warrants: | No
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| Investor: | Lincoln Park Capital Fund, LLC
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| Fees: | 100,000 shares
|
| Pricing date: | April 22 (for $2 million)
|
| Stock symbol: | Nasdaq: RXII
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| Stock price: | $3.70 at close April 21
|
| Market capitalization: | $53.09 million
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