RXI Pharmaceuticals confirms partnership talks Print E-mail
By Staff and Wire Reports   
Thursday, 14 January 2010 09:00
Shares of RXI Pharmaceuticals Corp. (RXII) continue to rise, after the company's presentation in San Francisco. The presentation marked the first time company officials confirmed publicly what BioMedReports has been reporting for weeks- that they are in talks with other companies about securing a partnership.

During the company's presentation at the Biotech Showcase in San Francisco, RXI Chief Executive Noah Beerman said the company's main focus in the year to come will be on identifying therapeutic areas to focus on and develop, and securing partnerships. Subscribers were informed days ago that rumors in San Franciso about RXII's future were painting a lucrative future for shareholders. In addition, BioMedReports' M.E. Garza learned that one likely scenario includes one larger partner actually purchasing of a large stake in the company.

"The talks have evolved over the last four or five weeks," reports Garza. "The latest scenario has one large biotech pioneer, actually buying a substantial percentage of shares of the company. If that scenario plays out, the premium could be lucrative for shareholders, including the company that spun them off- CytRx Corporation (NASDAQ:CYTR)."

This morning, the company announced a collaboration with Shalesh Kaushal, Chairman of the Department of Ophthalmology at The University of Massachusetts Medical School. The research collaboration will be focused on the application of RXi's self-delivering RNAi compounds for ocular diseases such as age-related macular degeneration.

The company's RNA interference technology allows for the blocking or silencing of disease-causing proteins.

RXII was formed three years ago by a group of researchers and investors that included Dr. Craig Mello, winner of a Nobel Prize in Medicine (2006) for his co-discovery of RNAi.

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