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Galena spins-out RXi, which gets $9.5mm in funding from investors

Executive Summary

RXi Pharmaceuticals Corp. is splitting into two publicly traded companies: Galena Biopharma Inc. will focus on cancer therapeutics while the new RXi will spin off and continue the former company’s work on RNAi. In connection with the partial spin-off, two institutional investors purchased $9.5mm of RXi’s Series A preferred shares, an amount which includes shares converted from a $1.5mm bridge loan.
Deal Industry
  • Biotechnology
    • Antisense, Oligonucleotides
    • Large Molecule
  • Pharmaceuticals
Deal Status
  • Preliminary
Deal Type
  • Financing
    • Private Investment in Public Biotech
    • Convertible Debt
    • Spin-Off
    • Other
    • Private Placement

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