• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

RXi Pharmaceuticals Licenses Rights to RNAi Sequences to Genes for Therapeutic Applications From Thermo Fisher Scientific

Posted on: Friday, 14 December 2007, 09:00 CST

RXi Pharmaceuticals Corporation (RXi), a majority-owned subsidiary of CytRx Corporation (NASDAQ: CYTR), today announced that it has entered into an agreement with Thermo Fisher Scientific Inc. (NYSE: TMO), to exclusively license certain RNA interference (RNAi) sequences to an undisclosed number of target genes, with an initial focus in the areas of type 2 diabetes, obesity, neurology and oncology, for the ongoing development of RXi's rxRNA™ compounds.

The RNAi sequences selected against the target genes were generated by the company's Thermo Scientific Dharmacon proprietary RNAi sequence selection algorithm and include approximately 100 functional RNAi sequences per gene. RXi obtained the right to license, under the same terms, additional RNAi sequences disclosed by Thermo Fisher Scientific in its pending patent applications against additional target genes. Financial terms were not disclosed.

"Licensing RNAi sequences is consistent with our strategy of building a portfolio of RNAi patents and proprietary rxRNA™ compounds for the discovery of novel therapeutics," said Dr. Tod Woolf, President and Chief Executive Officer of RXi.

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. (NYSE: TMO) is the world leader in serving science, enabling our customers to make the world healthier, cleaner and safer. With an annual revenue rate of more than $9 billion, we employ 30,000 people and serve over 350,000 customers within pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental and industrial process control settings. Serving customers through two premier brands, Thermo Scientific and Fisher Scientific, we help solve analytical challenges from routine testing to complex research and discovery. Thermo Scientific offers customers a complete range of high-end analytical instruments as well as laboratory equipment, software, services, consumables and reagents to enable integrated laboratory workflow solutions. Fisher Scientific provides a complete portfolio of laboratory equipment, chemicals, supplies and services used in healthcare, scientific research, safety and education. Together, we offer the most convenient purchasing options to customers and continuously advance our technologies to accelerate the pace of scientific discovery, enhance value for customers and fuel growth for shareholders and employees alike. Visit www.thermofisher.com.

About RXi Pharmaceuticals Corporation

RXi a discovery-stage biopharmaceutical company pursuing the development and commercialization of proprietary therapeutics based on RNA interference (RNAi) for the treatment of human diseases. RXi's initial focus is on the treatment of neurological diseases, metabolic diseases and cancer. RXi has secured exclusive and non-exclusive licenses under certain issued and pending patents and patent applications covering therapeutic targets, chemistry and configurations of RNAi and delivery of RNAi within the body. The Company was founded by RNAi pioneers Craig Mello, Ph.D., 2006 Nobel Laureate for co-discovering RNAi and co-inventing RNAi therapeutics; Tariq M. Rana, Ph.D., inventor of fundamental technology for stabilizing RNAi and of RNAi nanotransporters; Greg Hannon, Ph.D., discoverer of short hairpin RNAi (shRNA); and Michael Czech, Ph.D., a leader in the application of RNAi to diabetes and obesity. RXi's CEO, Tod Woolf, Ph.D., previously co-invented and commercialized STEALTH™ RNAi, one of the most widely used second-generation RNAi research products. The Company currently operates as a privately held subsidiary of CytRx Corporation (NASDAQ: CYTR) and is located in Worcester, MA.

About CytRx Corporation

CytRx Corporation is a biopharmaceutical research and development company engaged in the development of high-value human therapeutics. The Company owns three clinical-stage compounds based on its small molecule "molecular chaperone" co-induction technology. In September 2006, CytRx announced that arimoclomol was shown to be safe and well tolerated at all three doses tested in its Phase IIa clinical trial in patients with ALS. The Company plans to enter a Phase IIb clinical trial with arimoclomol in ALS in 2007, subject to U.S. Food and Drug Administration (FDA) clearance. The FDA has granted Fast Track designation and Orphan Drug status to arimoclomol for the treatment of ALS, which has also been granted orphan medicinal product status for the treatment of ALS by the European Commission. The Company has announced plans to commence a Phase II clinical trial for arimoclomol in stroke recovery in the first half of 2008, subject to FDA clearance. The Company has also announced plans to commence a Phase II clinical trial with its next drug candidate, iroxanadine, for diabetic foot ulcers in the first half of 2008, subject to FDA clearance. CytRx has recently opened a research and development facility in San Diego. For more information on the Company, visit www.cytrx.com.

Forward-Looking Statement

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 the future development of RXi Pharmaceutical Corporation's products. These forward-looking statements about future expectations, plans and prospects of the development of RXi Pharmaceutical Corporation's products involve significant risks, uncertainties and assumptions, including the risk that the development of our RNAi-based therapeutics may be delayed or may not proceed as planned and we may not be able to complete development of any RNAi-based product, the risk that the FDA approval process may be delayed for any drugs that we develop, and the possibility that other companies or organizations may assert patent rights that prevent us from developing our products. Actual results may differ materially from those RXi Pharmaceuticals Corporation contemplated by these forward-looking statements. RXi Pharmaceuticals Corporation does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this release.

Source: Business Wire

More News in this Category