Galena Biopharma Takes Final Actions to Complete Spin-Off of RXi Pharmaceuticals
Published: Apr 26, 2012
RXi Pharmaceuticals will operate as an independent, publicly-traded company focused on discovering, developing and commercializing innovative therapies based on its proprietary, next-generation RNAi platform. RXi Pharmaceuticals common stock is expected to commence trading under the symbol "RXII" on the OTC Bulletin Board in the next one-to-two weeks.
"This transaction marks the final stage of our transformation from a pre-clinical platform into a late clinical stage, targeted cancer therapeutics company we started a year ago. Galena will continue focusing on our development-stage, targeted oncology pipeline, led by NeuVax(TM), which recently commenced a pivotal, Phase 3 clinical trial for low-to-intermediate HER2 breast cancer patients," said Mark J. Ahn, Ph.D., President and Chief Executive Officer of Galena. "Both companies now have greater flexibility to focus on and pursue their respective growth strategies, while potentially providing shareholders with greater value over the longer term. RXi will focus on developing novel RNAi-based drug candidates, with an initial focus on RXI-109, its lead product candidate designed to silence CTGF (connective tissue growth factor) for anti-scarring indications."
The intended spin-off transaction was previously announced in September 2011, and the dividend payment is being made pursuant to the registration statement that RXi Pharmaceuticals filed with the Securities and Exchange Commission, which was declared effective on February 14, 2012.
About Galena Biopharma
Galena Biopharma, Inc. (GALE - News) is a Portland, Oregon-based, biopharmaceutical company that develops innovative, targeted oncology treatments that address major unmet medical needs to advance cancer care. For more information, please visit us at www.galenabiopharma.com.
The Galena Biopharma, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10647
About RXi Pharmaceuticals
RXi Pharmaceuticals is a biotechnology company focused on discovering, developing and commercializing innovative therapies based on its proprietary, next-generation RNAi platform. Therapeutics that use RNA interference, or "RNAi," have great promise because of their ability to "silence," or down-regulate, the expression of a specific gene that may be overexpressed in a disease condition. Building on the pioneering work of scientific founder and Nobel Laureate Dr. Craig Mello, RXi's first RNAi product candidate, RXI-109, which targets CTGF (connective tissue growth factor), is scheduled to commence human clinical trials in anti-scarring in 2012.
Galena Biopharma Contacts:Madeline HattonToll-free: +1 (855) 855-GALE (4253), ext. email@example.comRemy BernardaIR Sense, LLC+1 (503) firstname.lastname@example.orgRXi Pharmaceuticals Contact:Tamara McGrillenRXi Pharmaceuticals Corporation+1 (508) email@example.com