Biotech, deals, Stocks

RXi Plans $8.7M Stock Sale

Rebecca Zacks 6/24/08

RXi Pharmaceuticals (NASDAQ: RXII) inked a deal to sell just over a million shares of its common stock to institutional investors for a total of some $8.7 million. The Worcester, MA-based firm, whose stock debuted in March, plans to use the proceeds of this private placement to build its pipeline of RNAi-based drugs, among other things.