RXi Pharmaceuticals (NASDAQ:[[ticker:RXII]]), a Worcester, MA-based developer of RNA-interference drugs, says that is has agreed to sell up to $25 million of its common stock to YA Global Investments. The deal gives RXi—which was co-founded by Nobel Laureate Craig Mello and featured in a story that Luke wrote last year—the option to sell newly issued stock in increments of up to $500,000 to YA over the next two years at the lowest weighted average price of its shares over five straight trading days, less a 5-percent discount, according to the company.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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