MARLBOROUGH, Mass.,
Oct. 1, 2018 /PRNewswire/ -- RXi
Pharmaceuticals Corporation (NASDAQ: RXII), a biotechnology
company developing the next generation of immuno-oncology
therapeutics based on its proprietary self-delivering RNAi
(sd-rxRNA®) therapeutic platform, today announced the pricing of an
underwritten public offering of 21,428,572 units at a price to the
public of $0.70 per unit. Each unit
contains one share of common stock (or common stock equivalent) and
one warrant to purchase one share of common stock. This offering is
expected to close on or about October 3, 2018, subject to
customary closing conditions.
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H.C. Wainwright & Co. is acting as the sole book-running
manager for the offering.
Each warrant has an exercise price of $0.70 per share, is exercisable immediately and
will expire seven years from the date of issuance. The shares of
common stock (or common stock equivalents) and the accompanying
warrants included in the units can only be purchased together in
this offering but will be issued separately and will be immediately
separable upon issuance.
RXi expects to receive aggregate gross proceeds of approximately
$15 million from the offering, prior
to deducting underwriting discounts and commissions and estimated
offering expenses. RXi intends to use the net proceeds of this
offering towards the development of the Company's immuno-oncology
program, for other research and development activities and for
general working capital.
A registration statement on Form S-1 relating to the public
offering of the securities described above was filed with the
Securities and Exchange Commission ("SEC") and was declared
effective on September 28, 2018, and
an additional registration statement on Form S-1 filed pursuant to
Rule 462(b), which became automatically effective on October 1, 2018. The offering is being made only
by means of a prospectus forming part of the effective registration
statement. A preliminary prospectus relating to and describing the
terms of the offering has been filed with the SEC and a final
prospectus relating to the offering will be filed with the SEC, and
will be available on the SEC's website at www.sec.gov. Copies of
the final prospectus, when available, may also be obtained from
H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor,
New York, NY 10022, by calling
(646) 975-6996 or by emailing placements@hcwco.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About RXi Pharmaceuticals
RXi Pharmaceuticals Corporation (NASDAQ: RXII) is a
biotechnology company developing the next generation of
immuno-oncology therapeutics based on its self-delivering RNAi
(sd-rxRNA®) therapeutic platform. The Company's discovery and
research efforts are focused on developing sd-rxRNA therapeutic
compounds to be used with an Adoptive Cell Transfer (ACT) approach.
This process uses immune cells, such as T-lymphocytes that are
isolated from the patient or retrieved from allogeneic immune cell
banks, and then expanded and in some cases processed to express
tumor-binding receptors. Our approach introduces a new and
important step in ex-vivo processing of the immune
cells where sd-rxRNA is used to eliminate the expression of
immunosuppressive receptors or proteins from the therapeutic immune
cells, making them less sensitive to tumor resistance mechanisms
and thus improving their ability to destroy the tumor cells.
Essentially, we aim to maximize the power of our sd-rxRNA
therapeutic compounds by weaponizing therapeutic immune effector
cells to attack cancer and ultimately provide patients battling
terminal cancers with a powerful new treatment option that goes
beyond current treatment modalities. For additional
information, visit the Company's
website, www.rxipharma.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about: the expected proceeds from the public offering, the closing
of the public offering and the use of the net proceeds, as well as
our ability to successfully develop RXI-109, Samcyprone™, RXI-762,
RXI-804 and our other product candidates (collectively "our product
candidates"); the future success of our clinical trials with our
product candidates; the timing for the commencement and completion
of clinical trials; our ability to enter into strategic
partnerships and the future success of these strategic
partnerships; and our ability to deploy our sd-rxRNA® technology
through partnerships, as well as the prospects of these
partnerships to provide positive returns. Forward-looking
statements about expectations and development plans of RXi's
product candidates and partnerships involve significant risks and
uncertainties, including the following: risks that we may not be
able to successfully develop and commercialize our product
candidates; risks that product development and clinical studies may
be delayed, not proceed as planned and/or be subject to significant
cost over-runs; risks related to the development and
commercialization of products by competitors; risks related to our
ability to control the timing and terms of collaborations with
third parties; and risks that other companies or organizations may
assert patent rights preventing us from developing or
commercializing our product candidates. Additional risks are
detailed in our most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q under the caption "Risk
Factors." Readers are urged to review these risk factors and to not
act in reliance on any forward-looking statements, as actual
results may differ from those contemplated by our forward-looking
statements. RXi does not undertake to update forward-looking
statements to reflect a change in its views, events or
circumstances that occur after the date of this release.
Contact
RXi Pharmaceuticals Corporation
Tamara McGrillen
508-929-3646
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SOURCE RXi Pharmaceuticals Corporation