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RXi to Raise $7.8M in Stock, Warrant Sale

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RXi Pharmaceuticals this week said it has entered into definitive agreements with undisclosed investors to sell 2,385,715 shares of its common stock at $3.50 per share and warrants to purchase up to 954,286 shares of common stock at an exercise price of $4.50 per share.

The warrants are exercisable beginning on or about Feb. 4, 2010, the company noted.

RXi said it will receive approximately $7.8 million in net proceeds from the offering, which will be used to meet working capital needs and for general corporate purposes.

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