deals, Life Sciences, stock offerings

RXi Announces $8.3M Offering

Wade Roush 7/31/09

Worcester, MA-based RXi Pharmaceuticals (NASDAQ: RXII) said today it is raising $8.3 million in working capital through a stock offering that’s expected to close on August 4. The company, which is developing drugs based on RNA interference for the treatment of conditions such as rheumatoid arthritis, is selling about 2.4 million shares of common stock at $3.50 per share, as well as warrants for almost a million shares at $4.50 per share. It expects to realize about $7.8 million in net proceeds from the sale.

Wade Roush is Xconomy's chief correspondent. You can e-mail him at wroush@xconomy.com, call him at (617) 252-7323, or follow him on Twitter at http://twitter.com/wroush.