RXi Pharmaceuticals Signs Common Stock Purchase Agreement for Up to $15 Million

August 11, 2017: By Jon Swedien

RXi logoRXi Pharmaceuticals announced Aug. 9 that it has entered a common stock purchase agreement with Lincoln Park Capital (LPC) Fund, a Chicago-based investor with a portfolio emphasis in life sciences, including therapeutics aimed at treating cancer.

Marlborough, Massachusetts-based RXi is developing a product candidate for retinal scarring related to wet age-related macular degeneration called RXI-109.

According to the terms of the agreement, RXi will have the right at its sole discretion to sell to LPC up to $15 million worth of shares over a 30-month period.

RXi will control the timing of any future investment, and LPC will be obligated to make purchases in accordance with the terms of the agreement.

RXi expects to use the proceeds for working capital and general corporate purposes, including advancing its immuno-oncology pipeline.

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