RXi Pharmaceuticals Corp (NASDAQ:RXII), a biotechnology company focused on discovering and developing innovative therapies primarily in the areas of dermatology and ophthalmology, today announced that it has commenced a public offering of shares of its common stock, warrants to purchase shares of its common stock and overallotment purchase rights to purchase shares of its common stock. The shares of common stock, warrants and overallotment purchase rights are immediately separable and will be issued separately. All of the shares in the offering are to be sold by RXi Pharmaceuticals. H.C. Wainwright & Co., LLC will act as exclusive placement agent on a best efforts basis for the offering.

The Company intends to use the net proceeds from this offering for general corporate purposes, which include, but are not limited to, funding its ongoing and future clinical trials and for general and administrative expenses. The Company may also use a portion of the net proceeds to acquire or invest in complementary businesses, products and technologies or to fund the development of any such complementary businesses, products or technologies that it may acquire in a stock-based acquisition. The Company has no current plans for any such acquisitions. (Original Source)

Shares of RXi Pharmaceuticals closed today at $0.455, down $0.0081 or 1.75%. RXII has a 1-year high of $3.98 and a 1-year low of $0.46. The stock’s 50-day moving average is $0.63 and its 200-day moving average is $1.21.

On the ratings front, H.C. Wainwright analyst Reni Benjamin reiterated a Buy rating on RXII, with a price target of $5, in a report issued on March 31. The current price target represents a potential upside of 987% from where the stock is currently trading. According to TipRanks.com, Benjamin has a total average return of -1.5%, a 37.3% success rate, and is ranked #3084 out of 3607 analysts.

RXi Pharmaceuticals Corpis a biotechnology company focused on discovering and developingtherapies addressing high unmet medical needs, in the areas of dermatology and ophthalmology.