Agent H.C. Wainwright sells units of one share, one half-share warrant
By Devika Patel
Knoxville, Tenn., May 28 – RXi Pharmaceuticals Corp. said it priced its $10.4 million public offering of units. The deal was announced April 13 and is being conducted on a best efforts basis.
The company will sell 26 million units of one common share, a half-share 13-month over-allotment purchase right and a half-share warrant at $0.40 per unit, with each whole warrant exercisable at $0.52 for five years.
The strike price is a 13.04% premium to the May 27 closing share price of $0.46. The exercise price of the over-allotment purchase right is $0.455, which is a 1.09% discount to that price.
H.C. Wainwright & Co., LLC is the agent.
Settlement is expected June 2.
Proceeds will be used for general corporate purposes, including clinical trials, general and administrative expenses, acquisitions or investments in complementary businesses, products or technologies.
Marlborough, Mass.-based RXi is a biotechnology company with a focus on dermatology and ophthalmology.
| Issuer: | RXi Pharmaceuticals Corp.
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| Issue: | Units of one common share, a half-share 13-month over-allotment purchase right and a half-share warrant
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| Amount: | $10.4 million
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| Units: | 26 million
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| Price: | $0.40
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.52
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| Purchase right: | One half-share over-allotment purchase right per unit
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| Purchase right expiration: | 13 months
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| Purchase right strike price: | $0.455
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| Agent: | H.C. Wainwright & Co., LLC
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| Announcement date: | April 13
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| Pricing date: | May 28
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| Settlement date: | June 2
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| Stock symbol: | Nasdaq: RXII
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| Stock price: | $0.46 at close May 27
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| Market capitalization: | $11.39 million
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