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RXi Pharmaceuticals Corporation Message Board

  • hemmerjohn9 hemmerjohn9 Mar 7, 2013 8:40 PM Flag

    Opko Health has agreed to sell its in RNA interference research products to RXi Pharmaceuticals Corp.

    Opko Health sells RNA projects to RXi, stock hits new high
    Brian Bandell -Reporter- South Florida Business Journal
    Opko Health has agreed to sell its in RNA interference research products to RXi Pharmaceuticals Corp., prompting investors to push its stock to a new high.
    Miami-based Opko (NYSE: OPK) will give the Westborough, Mass.-based company (OTCBB: RXII) an intellectual property portfolio that includes 12 families of patents. RNA interference is designed to suppress the expression of specific genes that are linked to diseases. Opko’s RNAi products were being developed for the treatment of eye disease, cancer, immune disorders and inflammatory diseases.
    In return, Opko would receive 50 million shares of RXi and could receive up to $50 million in milestone payments, based on the progress of the products that were sold. Opko would also receive a royalty payment upon the commercialization of those products.
    Shares of RXi closed Wednesday at 14.5 cents, so 50 million shares were worth $7.25 million.
    RXi also announced it will raise $16.4 million through a private placement of 113 million shares at 14.5 cents each. That financing was led by Opko and Frost Gamma Investments Trust, which is led by Opko Chairman and CEO Dr. Phillip Frost.
    “RXi has contributed a major advance to the RNAi field with its self-delivering RNAi technology,” Frost said in a news release. “This technology overcomes a major delivery obstacle of prior RNAi technologies by significantly enhancing the uptake of the gene-targeting drug into cells. We also are impressed with RXi’s development capabilities, as evidenced by its rapid advancement of RXI-109, an exciting product candidate for the potential treatment of dermal scarring.”
    The RNI interference patents were the first things that Frost acquired in 2007 when he formed Opko. The company launched a Phase III clinical trial for wet age-related macular degeneration using that technology, but Frost decided the product wasn’t commercially viable.

    Sentiment: Strong Buy

 
RXII
1.88+0.03(+1.90%)Nov 25 4:00 PMEST

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