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RXi Pharmaceuticals Announces $16.4 Million Placement of Common Stock

  RXi Pharmaceuticals Announces $16.4 Million Placement of Common Stock

Financing Led by OPKO Health, Inc. and Frost Gamma Investments Trust, a Trust
                      Controlled by Phillip Frost, M.D.

Business Wire

WESTBOROUGH, Mass. & MIAMI -- March 7, 2013

RXi Pharmaceuticals Corporation (OTC: RXII), a biotechnology company focused
on discovering, developing and commercializing innovative therapies addressing
major unmet medical needs using RNA-targeted technologies, today announced
that it has entered into definitive agreements related to a private placement
of approximately 113 million shares of common stock at a price of $0.145 per
share, for gross proceeds of approximately $16.4 million. The transaction is
expected to close on or around March 12, 2013, subject to the satisfaction of
closing conditions.

The financing was led by OPKO Health, Inc. (NYSE: OPK) and Frost Gamma
Investments Trust, a trust controlled by Phillip Frost, M.D. Other
participants included existing investors Tang Capital Partners, LP and RTW
Investments, LLC as well as new institutional and accredited investors.

MTS Securities, LLC, an affiliate of MTS Health Partners, L.P., acted as sole
placement agent in the transaction.

This press release will not constitute an offer to sell or the solicitation of
an offer to buy these securities, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the securities
laws of any such jurisdiction.

The securities sold in the private placement have not been registered under
the Securities Act of 1933, as amended, or state securities laws and may not
be offered or sold in the United States absent registration with the
Securities and Exchange Commission (SEC) or an applicable exemption from such
registration requirements. The Company has agreed to file a registration
statement with the SEC registering the resale of the shares of common stock
sold in the private placement.

About RXi Pharmaceuticals Corporation

RXi Pharmaceuticals Corporation (OTC: RXII) is a biotechnology company focused
on discovering, developing and commercializing innovative therapies based on
its proprietary, self-delivering RNAi platform. Therapeutics that use RNA
interference, or “RNAi,” have great promise because of their ability to
down-regulate the expression of a specific gene that may be over-expressed in
a disease condition. Building on the pioneering work of scientific founder and
Nobel Laureate Dr. Craig Mello, a member of the RXi Scientific Advisory Board,
RXi’s first RNAi product candidate, RXI-109, which targets CTGF, entered into
human clinical development in June 2012. For more information, please visit
www.rxipharma.com.

About OPKO Health, Inc.

OPKO is a multinational biopharmaceutical and diagnostics company that seeks
to establish industry leading positions in large, rapidly growing markets by
leveraging its discovery, development and commercialization expertise and
novel and proprietary technologies.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements include,
but are not limited to, statements about future expectations, planned and
future development of RXi Pharmaceuticals Corporation’s products and
technologies. Forward-looking statements about expectations and development
plans of RXi’s products involve significant risks, and uncertainties: risks
that RXi may not be able to successfully develop its candidates, or that
development of RNAi-based therapeutics may be delayed or not proceed as
planned, or that RXi may not successfully develop any RNAi-based products;
risks that the development process for RXi’s product candidates may be
delayed, risks related to development and commercialization of products by
RXi’s competitors, risks related to RXi’s ability to control timing and terms
of collaborations with third parties, and the possibility that other companies
or organizations may assert patent rights preventing RXi from developing its
products. Actual results may differ from those contemplated by these
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
or
OPKO Health, Inc.
Steven D. Rubin, 305-575-4100
or
Juan F. Rodriguez, 305-575-4100
 
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