RXi Pharmaceuticals Corporation (NASDAQ: RXII), a clinical-stage company developing innovative therapeutics that address significant unmet medical needs, today announced the closing of its underwritten public offering of securities for gross proceeds of $11.5 million, which includes the full exercise of the underwriters' over-allotment option to purchase additional shares and warrants.

Participants in this financing included healthcare-focused institutional investors, high net worth individuals, the Company's Chief Executive Officer, Geert Cauwenbergh, Dr. Med. Sc. and Chief Development Officer, Pamela Pavco, Ph.D. Other participants included OPKO Health, Inc. (NASDAQ: OPK), an existing investor of RXi, and Timothy Barberich, co-founder of MirImmune, Inc. and former CEO and Chairman of Sepracor, Inc.

About RXi Pharmaceuticals Corporation

RXi Pharmaceuticals Corporation (NASDAQ: RXII) is a clinical-stage company developing innovative therapeutics that address significant unmet medical needs. Building on the pioneering discovery of RNAi, the Company's discovery and clinical development programs are based on its proprietary self-delivering RNAi (sd-rxRNA®) platform and Samcyprone™, a small molecule topical immunomodulator. Current clinical development programs include RXI-109, an sd-rxRNA, for the treatment of dermal and ocular scarring, and Samcyprone™ for the treatment of such disorders as warts, alopecia areata, non-malignant skin tumors and cutaneous metastases of melanoma. RXi's robust pipeline, coupled with an extensive patent portfolio, provides for multiple product and business development opportunities across a broad spectrum of therapeutic areas. 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. Additional information may be found on the Company's website, www.rxipharma.com.