RXi Pharma (RXII) Reports Third Quarter 2016 Financial Results And Highlights Recent Corporate Developments
11/11/2016 1:52:55 PM
MARLBOROUGH, Mass., Nov. 10, 2016 /PRNewswire/ -- RXi Pharmaceuticals Corporation (NASDAQ: RXII), a clinical-stage company developing innovative therapeutics that address significant unmet medical needs, today reported its financial results for the third quarter ended September 30, 2016, and provided a business update.
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"In the third quarter of 2016, RXi has once again been able to keep its cash burn in line with our projections, while continuing the clinical development programs as planned," said Dr. Geert Cauwenbergh, President and CEO of RXi Pharmaceuticals. He further added, "In recent weeks we announced an exclusive option to acquire MirImmune, Inc., a small biotech company that uses our proprietary RNAi technology in the field of cell therapy and immune-oncology. We are excited that this potential acquisition would allow RXi to embark on a significant path forward in the development of novel cancer therapeutics. In the past years our Company has shown, through its own clinical programs and external collaborations, that its uniquely structured RNAi compounds are effective in various animal and tissue culture models, as well as in the treatment of hypertrophic scarring, a human clinical model for fibrosis. While we continue to work toward an acquisition of MirImmune, we expect to provide updates on most of our clinical and consumer health programs before the end of 2016, as well as an outlook on projects, timelines and milestones for the combined company in the first quarter of 2017. We continue to focus on building value for our shareholders by creating novel therapeutics, for a better life for patients."
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