Tod Woolf, Ph.D., President and Chief Executive Officer of RXi Pharmaceuticals, commented, “The development of technology that potentially enables oral delivery represents a truly dramatic advance for the field of RNAi therapeutics, and could open up significant market opportunities for RXi. We view this license as a major step toward our goal of developing such drugs as it allows us to potentially target a new class of cells that cannot be accessed either by traditional RNAi delivery methods, local administration or injection. In particular, we believe that UMMS’ oral delivery technology, which targets certain types of inflammatory cells called macrophages, may allow us to develop orally administered rxRNA compounds for the treatment of a variety of significant inflammatory diseases, including rheumatoid arthritis, asthma, Crohn’s disease, atherosclerosis, psoriasis and Type II diabetes. Since some of the most advanced and successful anti-inflammatory drugs currently on the market require injection, an orally administered RNAi compound could have significant competitive advantages for both patients and physicians.”
Dr. Woolf continued, “We believe that RXi has one of the most comprehensive RNAi therapeutic technology platforms in the industry, which now includes oral, as well as local (CNS) and systemic delivery (nanotransporters) technology. It is widely believed that delivery technologies are key to enabling the successful commercialization of RNAi interference drug candidates and RXi has made great strides in acquiring and developing its various platforms in order to deliver proprietary, next generation rxRNA™ compounds to specific target tissues and diseases.”
Going forward, RXi’s management noted, RXi intends to work with pharmaceutical and biotechnology partners to advance the discovery and development of orally delivered rxRNA™ therapeutics for a host of inflammatory diseases.
About CytRx Corporation
CytRx Corporation is a biopharmaceutical research and development company engaged in the development of high-value human therapeutics. The CytRx drug development pipeline includes six programs in clinical development, including tamibarotene in registration studies for the treatment of acute promyelocytic leukemia (APL). In addition to a portfolio of oncology programs, CytRx is developing two drug candidates identified based on its industry-leading molecular chaperone technology which aims to repair or degrade misfolded proteins associated with disease. The Company owns and operates a research and development facility in San Diego. CytRx also maintains a 45% equity interest in RXi. For more information on the Company, visit www.cytrx.com
About RXi Pharmaceuticals Corporation
RXi Pharmaceuticals is a discovery-stage biopharmaceutical company pursuing the development and potential commercialization of proprietary therapeutics based on RNA interference (RNAi) for the treatment of human diseases. RXi Pharmaceuticals' rxRNA™ compounds are distinct from the siRNA compounds used by many other companies developing RNAi therapeutics and are very active and potent (10-100pM activity in cell culture) based on the company’s internal research, in addition to being nuclease resistant and readily manufactured. RXi Pharmaceuticals believes it is well positioned to compete successfully in the RNAi-based therapeutics market with its accomplished scientific advisors, including Dr. Craig Mello, recipient of the 2006 Nobel Prize for his co-discovery of RNAi; a management team that is experienced in developing RNAi products; and a strong early intellectual property position in RNAi chemistry and delivery. www.rxipharma.com
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including the risk that the development of RXi’s RNAi-based therapeutics may be delayed or may not proceed as planned and RXi may not be able to complete development of any RNAi-based product, the risk that delivery technologies utilized by RXi may not prove safe or effective in pre-clinical studies or clinical trials, the risk that the FDA approval process may be delayed for any drugs that RXi develops, risks related to development and commercialization of products by RXi’s competitors, risks related to RXi’s ability to control the timing and terms of collaborations with third parties and the possibility that other companies or organizations may assert patent rights that prevent RXi from developing its oral delivery products, and other risks and uncertainties described in CytRx's Form 10-Q for the quarter ended June 30, 2008 and other recently filed SEC documents, such as its most recent annual report on Form 10-K. All forward-looking statements are based upon information available to CytRx on the date the statements are first published. CytRx undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Acorn Management Partners LLC John R. Exley III, 678-368-4002 jre@acornmanagementpartners.com
Source: CytRx Corporation
