Wixom, Mich.-based Rockwell Medical Inc. agreed to sell up to 7,556,675 units, at $3.97 per unit, to the RBI Opportunities Fund LLC, an affiliate of Richmond Brothers Inc., in a private placement. Each unit will consist of one share of common stock and a warrant to purchase 50 percent of a share of common stock. In addition, the company will sell an initial 5,541,562 units for proceeds of $22 million in an offering that is expected to close Oct. 17. Richmond has the right to purchase up to an additional $8 million in units at the same unit offering price through Oct. 26. The company intends to use the net proceeds to fund working capital needs and has completed the offering without incurring any underwriting discounts or placement agent fees.