RXi Pharmaceuticals enters common stock purchase agreement for up to $15M
RXi Pharmaceuticals announced that it has entered into a common stock purchase agreement with Lincoln Park Capital Fund. LPC is a long-only, Chicago-based investor with a portfolio emphasis in life sciences, including therapeutics being developed to treat cancer. According to the terms of the agreement, and subject to a registration statement to be filed and declared effective by the SEC, RXi will have the right at its sole discretion to sell to LPC up to $15M 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. No warrants, derivatives, financial or business covenants are associated with the agreement, and LPC will not cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of shares of the Company's common stock.