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RXi Pharmaceuticals Reports Financial Results for the Second Quarter of 2014
Date:8/14/2014

MARLBOROUGH, Mass., Aug. 14, 2014 /PRNewswire/ -- RXi Pharmaceuticals Corporation (NASDAQ: RXII), a biotechnology company focused on discovering, developing and commercializing innovative therapies addressing major unmet medical needs using RNA-targeted technologies, today reported its financial results for the quarter ended June 30, 2014, and provided a business update.

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"Despite the general market down-turn in sentiment about biotech values, RXi Pharmaceuticals has continued to grow value in line with its promises to shareholders," said Dr. Geert Cauwenbergh, President and CEO of the Company. He added that, "We expect the company to continue to add data in the coming months that should add value to the unique IP position that we have in the RNAi space."

Second Quarter 2014 and Recent Corporate Highlights

  • Entered into a Purchase Agreement with Lincoln Park Capital, LLC: The Company announced in April 2014 that the Company had entered into a purchase agreement with Lincoln Park Capital Fund, LLC ("LPC"), a Chicago-based institutional investor, whereby LPC is committed to purchase up to an aggregate of $20 million of shares of the Company's common stock. Upon execution, LPC purchased 500,000 shares of common stock at $4.00 per share, for an initial investment of $2 million; the Company also issued 100,000 shares to LPC as a commitment fee for the facility. Upon the filing of the first investigational drug application for an ophthalmologic project with the U.S. Food and Drug Administration, LPC will make an additional $1 million share purchase at prevailing market prices of the Company's common stock. In addition, at the sole discretion of the Company, we may sell up to $17 million worth of commo
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