RXi Agrees to Acquire MirImmuneBy
RXi Pharmaceuticals, a clinical-stage RNAi company based in Marlborough, Massachusetts, has agreed to acquire all outstanding capital stock of MirImmune, a Cambridge, Massachusetts-based immunotherapy company, in consideration for a number of shares equal to 19.99% of the then outstanding shares of RXi common stock, plus additional potential consideration contingent on MirImmune reaching certain milestones. RXi Pharmaceuticals can exercise the option to acquire MirImmune on the terms set forth in the option agreement at any time prior to April 5, 2017 but has no obligation to do so. Financial details were not disclosed.
In early 2015, RXi and MirImmune entered into an exclusive license agreement to RXi’s self-delivering RNAi (sd-rxRNA) technology for developing cell-based cancer immunotherapies. If RXi exercises its option to acquire MirImmune, the acquisition would enable RXi to expand its pipeline and enter into the expanding field of immuno-oncology using its sd-rxRNA technology.
RNAi is a molecular tool that has the ability to “silence” or down-regulate the expression of a specific gene that may be overexpressed in a disease condition, according to information from RXi. The company’s sd-rxRNA technology is comprised of compounds that have drug-like properties built into the RNAi compound itself.
Source: RXi Pharmaceuticals