Galena Biopharma  (GALE) Spinout RXi Pharmaceuticals (RXII) Raises $26 Million  
3/27/2013 8:18:39 AM

RXi Pharma, a biotech focused on the development and commercialization of therapeutics using RNA-targeted technologies, has secured $26 million in funding, according to federal documents. The Westbrough, Mass. company, which spun out of Galena Biopharma Inc. (Nasdaq:GALE), a biotechnology company focused on developing targeted cancer treatments, in April 2012, received the funding from 35 investors, according to documents filed with the Securities and Exchange Commission. Listed as directors on the filing are CEO Geert Cauwenbergh; Keith Brownlie, a former Ernst & Young life sciences accounting executive; and Robert Bitterman, president and CEO of Cutanea Life Sciences Inc. Pamela Pavco, chief development officer of RXi, and Caitlin Kontulis, staff accountant at the company, are also named in the filing.