RXi Pharmaceuticals Corporation (Nasdaq: RXII), a biopharmaceutical company pursuing the development and commercialization of proprietary therapeutics based on RNA interference (RNAi), today reported its financial results for the quarter ended September 30, 2009.
“RXi continues to make excellent progress advancing its RNAi therapeutic platform, most notably self-delivering rxRNA™ compounds for both local and systemic administration,” said Noah Beerman, President and Chief Executive Officer of RXi. “We have reported positive pre-clinical data that outline the unique capabilities of our technology and how RXi is addressing important factors that we believe will lead to the successful development and eventual commercialization of RNAi therapeutics. With my successful track record of building a pipeline of biopharmaceutical products, I believe RXi should be well positioned to capitalize on these opportunities.”
Quarterly and Other Recent Highlights
Corporate Highlights:
- Appointment of Noah D. Beerman as President and Chief Executive Officer. Following this quarter, Noah D. Beerman joined RXi as its new President and Chief Executive Officer as part of a planned succession in leadership as the company looks to advance from the research stage to product development and execution of therapeutic collaborations and partnerships. Mr. Beerman succeeds RXi’s co-founder, Tod Woolf, Ph.D., who will continue as a member of RXi’s Scientific Advisory Board.
- Completed $8.3 million Public Offering. RXi received approximately $7.8 million in net proceeds from the offering that closed on August 4, 2009. Proceeds from the transaction are being used to meet working capital needs and for general corporate purposes.
- Provided Updates at Annual Investor Day. RXi held its 2nd annual investor day where the public was updated on the status of RXi’s therapeutic indications, research findings, intellectual property and business development efforts.
- Strengthened Position in RXi Proprietary Self-delivering rxRNA™. RXi acquired direct ownership of previously licensed RNAi delivery intellectual property from Advirna LLC. RXi’s self-delivering rxRNA™ (sd-rxRNA™) technology platform, which is based on a combination of Advirna technology and RXi’s internally developed technology, has shown extremely promising pre-clinical results prompting RXi to acquire direct ownership of the Advirna technology. By including the Advirna intellectual property in RXi’s proprietary portfolio, the company gains full control of patent prosecution, enhancing the potential of obtaining broader claims that would further strengthen RXi’s intellectual property position.
- Received Notices of Allowance for a Set of Patents Encompassing siRNA Sequences. Notices of Allowance were issued by the United States Patent Office (USPTO) on patent applications filed by Thermo Fisher Scientific Inc. and licensed to RXi Pharmaceuticals encompassing small interfering RNA (siRNA) sequences targeting a number of human genes. These applications, which contain claims that cover specific siRNA sequences, are the first to have received notices of allowance by the USPTO of many patent applications encompassing siRNA sequences licensed by RXi from Thermo Fisher Scientific. RXi has obtained broad rights to these sequence-specific patent applications.
Scientific Achievements: