Company negotiates stock sale with investor Lincoln Park Capital Fund
By Devika Patel
Knoxville, Tenn., Dec. 19 – RXi Pharmaceuticals Corp. arranged a $10.8 million stock purchase agreement with Lincoln Park Capital Fund, LLC on Dec. 18, according to an 8-K and prospectus supplement filed Friday with the Securities and Exchange Commission.
The company will sell common shares to Lincoln Park until April 17, 2017. The purchase price of the shares will be based on prevailing market prices at the time of sale. The shares will be sold in tranches of up to 125,000 shares or $750,000.
Lincoln Park received 100,000 shares as a commitment fee, valued at $1.93 per share.
Proceeds will be used for working capital, development and other general corporate purposes.
Based in Lake Oswego, Ore., RXi is a biopharmaceutical company.
| Issuer: | RXi Pharmaceuticals Corp.
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| Issue: | Stock purchase agreement
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| Amount: | $10.8 million
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| Tenor: | April 17, 2017
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| Warrants: | No
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| Investor: | Lincoln Park Capital Fund, LLC
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| Fees: | 100,000 shares
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| Settlement date: | Dec. 18
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| Stock symbol: | Nasdaq: RXII
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| Stock price: | $1.94 at close Dec. 17
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| Market capitalization: | $33.81 million
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