RXi Pharmaceuticals (RXII) Plans to Split into Two Public Firms
9/26/2011 8:09:04 AM
RXi Pharmaceuticals Corp. /quotes/zigman/109669/quotes/nls/rxii RXII -12.84% said it plans to split into two publicly traded companies later this year, separating its oncology and gene therapy businesses. The biotechnology company will change its name to Galena Biopharma but will continue to trade under the ticker symbol RXII until the completion of the spinoff of RXi Pharmaceuticals. After the split, Galena will focus on cancer therapies, while RXi will develop therapies that use RNA interference, which help stem the expression of a specific gene that may be overexpressed in a disease.