RXi Pharmaceuticals Completes Apthera Acquisition
News May 13, 2011
The Company’s first self-delivering RNAi product, RXI-109 for anti-scarring in planned surgeries, remains on track for an investigational new drug (IND) application filing this year.
Under the terms of the acquisition agreement, Apthera stockholders will initially receive approximately 4.8 million shares of RXi’s common stock. Apthera’s stockholders will also be entitled to contingent payments based on the achievement of certain development and commercial milestones relating to Apthera’s NeuVax™ product candidate.
“NeuVax and RXI-109 significantly advance RXi into a product development company with novel therapeutics addressing large unmet medical needs,” said Mark J. Ahn, PhD, President and Chief Executive Officer of RXi Pharmaceuticals. “We believe we have the people, pipeline and resources to realize the promise of our innovative products for patients and shareholders.”
An audiocast presentation including an RXi corporate overview of the Apthera acquisition and cancer immunotherapy treatment featuring Dr. Mark Ahn and NeuVax developer Dr. George Peoples will be available from the “Investor Relations” section of the Company's website.