NEW YORK, NY / ACCESSWIRE / September 28, 2018 / Rxi Pharmaceuticals saw its shares soaring on Thursday as the company presented a poster entitled, "The Use of Self-delivering RNAi to Enhance NK Cell Cytotoxicity," at the 16th Annual Discovery on Target Conference. Geron shares were going in the opposite direction and crashed hard after Wall Street learned that its collaboration with Johnson & Johnson has come to an end.
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RXi Pharmaceuticals Corporation
RXi Pharmaceuticals Corporation shares were up a little over 28% at the close on Thursday. The stock traded almost 5.5 million shares compared to an average trading volume of just under 416,000 shares. Earlier in the week it was announced that the Company's immuno-oncology programs will be presented demonstrating the potential of sd-rxRNA in NK cells for the use in adoptive cell therapy (ACT). The company will present a poster entitled, "The Use of Self-delivering RNAi to Enhance NK Cell Cytotoxicity," at the 16th Annual Discovery on Target Conference. The conference is already being held September 25-28, 2018 at the Sheraton Boston in Massachusetts. Traders were excited about the poster and helped push RXi shares up as much as 72% to $2.19 in yesterday's trading session.
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Geron Corporation shares plummeted on Thursday, falling down nearly 63% on higher volume than usual. The stock traded a little over 84 million shares compared to an average trading volume of about 7.5 million shares. The big drop for the biotech firm came after it was announced that its collaboration with Johnson & Johnson has come to an end. The two companies had been working together on a cancer drug since 2014. Johnson & Johnson's JNJ Janssen Biotech unit said on Thursday that it will end a partnership with Geron on the cancer drug imetelstat. "The decision not to continue the collaboration is the result of a strategic portfolio evaluation and prioritization of assets within the robust Janssen portfolio," Janssen said in a press release. "Janssen will work with Geron to transition the imetelstat program back to the company." “We are grateful for the collaboration with Janssen, who successfully managed two Phase 2 trials of imetelstat,” said John A. Scarlett, M.D., Geron's CEO. “We believe the clinical results from IMbark provide valuable insights into the potential future development of imetelstat for an underserved relapsed and refractory myelofibrosis patient population. We also believe the combined data of 38 patients from the initial and expansion cohorts for the target patient population from the Phase 2 portion of IMerge support further development of imetelstat, and we are therefore prioritizing the initiation of the Phase 3 portion of IMerge.
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