MARLBOROUGH, Mass.,
May 27, 2015 /PRNewswire/ -- RXi
Pharmaceuticals Corporation (NASDAQ: RXII), a biotechnology company
focused on discovering and developing innovative therapies
primarily in the areas of dermatology and ophthalmology,
today provided an update on the status of the Company's Series
A and Series A-1 Preferred Stock.
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At March 31, 2015, there were
3,085 and 21 shares of Series A Preferred Stock and Series A-1
Preferred Stock outstanding, respectively, or approximately 19%
ownership on a fully-diluted basis. Subsequent to the quarter end,
all such shares have been converted into common stock and the
quarterly dividend payment date was accelerated to May 27, 2015, at which time the shares will be
immediately converted into common stock. No further shares of
Series A or Series A-1 Preferred Stock remain outstanding and no
further dividends shall accrue.
After giving effect to the accelerated dividend payment, the
Company will have 38,844,575 shares of common stock
outstanding.
About RXi Pharmaceuticals Corporation
RXi Pharmaceuticals Corporation (NASDAQ: RXII) is a
biotechnology company focused on discovering and developing
innovative therapeutics primarily in the areas of dermatology and
ophthalmology that address high-unmet medical needs. Our discovery
and clinical development programs are based on siRNA technology as
well as immunotherapy agents. These compounds include, but
are not limited to, our proprietary, self-delivering RNAi
(sd-rxRNA®) compounds for the treatment of dermal and
retinal scarring. It also includes an immunomodulator, Samcyprone™,
a proprietary topical formulation of diphenylcyclopropenone (DPCP),
for the treatment of such disorders as alopecia areata, warts, and
cutaneous metastases of melanoma.
RXi's robust pipeline, coupled with an extensive patent
portfolio, provides for product and business development
opportunities across a broad spectrum. We are committed to being a
partner of choice for academia, small companies, and large
multinationals. We welcome ideas and proposals for strategic
alliances, including in- and out-licensing opportunities, to
advance and further develop strategic areas of interest.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements include, but are not limited to, statements
about future expectations and planned and future development of our
product candidates, technologies and partnerships.
Forward-looking statements about expectations and development plans
of RXi's product candidates and partnerships involve significant
risks and uncertainties, including the following: risks that we may
not be able to successfully develop and commercialize our product
candidates; risks that product development and clinical studies may
be delayed, not proceed as planned and/or be subject to significant
cost over-runs; risks related to the development and
commercialization of products by competitors; risks related to our
ability to control the timing and terms of collaborations with
third parties; and risks that other companies or organizations may
assert patent rights preventing us from developing or
commercializing our product candidates. Additional risks are
detailed in our most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q under the caption "Risk
Factors." Readers are urged to review these risk factors and
to not act in reliance on any forward-looking statements, as actual
results may differ from those contemplated by our forward-looking
statements. RXi does not undertake to update forward-looking
statements to reflect a change in its views, events or
circumstances that occur after the date of this release.
Contact
RXi Pharmaceuticals Corporation
Tamara McGrillen
508-929-3646
tmcgrillen@rxipharma.com
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SOURCE RXi Pharmaceuticals Corporation