RXi Pharma, a biotech focused on the development and commercialisation of therapeutics using RNA-targeted technologies, has raised $26m.
The Massachusetts-based company, which spun out of Galena Biopharma Inc, a biotechnology company focused on developing targeted cancer treatments, in April last year, received the funding from 35 investors, according to documents filed with the Securities and Exchange Commission.
In March, RXi announced that it has entered into definitive agreements related to a private placement of around 113 million shares of common stock at a price of $0.145 per share, for gross proceeds of some $16.4m.
The financing was led by OPKO Health, the New York-listed pharmaceutical company, and Frost Gamma Investments Trust, a trust controlled by Phillip Frost. Other participants included existing investors Tang Capital Partners and RTW Investments, as well as new institutional and accredited investors.