Grant will fund development of orally delivered RNAi therapeutics
WORCESTER, Mass.--(BUSINESS WIRE)--RXi Pharmaceuticals Corporation (Nasdaq: RXII), a biopharmaceutical company pursuing the development and commercialization of proprietary therapeutics based on RNA interference (RNAi), today announced that the company’s proposed research collaboration with the University of Massachusetts Medical School (UMMS) has been selected to share in the first round of Cooperative Research Grants by the Massachusetts Life Sciences Center (“MLSC”).
The MLSC awarded the grant to contribute funding to a proposed collaboration between UMMS and RXi Pharmaceuticals for the development of orally delivered RNAi therapeutics. More specifically, the grant will fund the use of RXi’s rxRNA™ compounds and an oral delivery technology developed by UMMS that encapsulates the rxRNA™ compounds with micron-sized particles. This technology provides for efficient oral delivery of RNAi therapeutic compounds and directs these compounds to specific cell types that are involved in inflammatory diseases.
“This highly competitive grant underwent rigorous review by the Life Sciences Center’s Scientific Advisory Board and recognizes the potential of RNAi therapeutics to be administered orally, which is a truly dramatic advance for the field,” said Tod Woolf, Ph.D., President and CEO of RXi Pharmaceuticals. “The partnership with UMass Medical School comprises a unique combination of resources, talents and technologies that may be transformative in the development of novel RNAi therapeutics.”
Michael Czech, Ph.D., and Gary Ostroff, Ph.D., will be the Principal Investigators at UMMS leading this project. Dr. Czech is Professor and Chair of Molecular Medicine and Professor of Biochemistry and Molecular Pharmacology; Dr. Ostroff is a Research Professor of Molecular Medicine.
“These studies will greatly advance progress on oral delivery of RNAi as a practical therapeutic modality for the treatment of human inflammatory diseases.” noted Dr. Czech. “It’s exciting to be developing technology that could have high impact on the future practice of medicine.”
The MLSC’s Cooperative Research Grant Program funds collaborations between scientists, academic institutions and industry that promise significant commercial potential in the near term and are scientifically meritorious. The RXi Pharmaceuticals/UMMS collaboration was one of six projects funded out of a total of twenty-seven that were submitted for consideration by the MLSC. The MLSC grant amount is $250,000 per year for three years, and subject to a formalized agreement between the parties, will be matched dollar for dollar by RXi, totaling $1.5 million in funding for this project.
“The Cooperative Research Grant Program builds on the Center’s strategy of using public investments to leverage private sector resources as we pursue our dual mission of job creation, and support for good science that will improve the human condition,” said Dr. Susan Windham Bannister, President & CEO of the MLSC. “We are pleased to support this worthy collaborative research project, which holds promise for both job creation and important advancements in scientific knowledge.”
This is great news for UMass and Central Massachusetts,” said State Senator Harriette Chandler. “Life Sciences will play a crucial role in the future of our economy in Massachusetts, and particularly in our region, and I am pleased that this worthy initiative will receive this significant boost in funding.”
“I am pleased that UMass and RXi have developed this relationship,” said Representative Vincent Pedone of Worcester. “In a time when the economy is ailing, collaborations like this need to be applauded and supported. I look forward to seeing the medical school and RXi continue to forge a lasting relationship."
“The Commonwealth, especially Central Massachusetts, is incredibly fortunate to have both UMass Medical School and RXi Pharmaceuticals,” said Representative Jim O’Day. “I look forward to the unfolding of the partnership between these two institutions through their sharing of this exciting therapeutic grant that will stimulate new cures and growth in the life sciences economy.”
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
About the University of Massachusetts Medical School
The University of Massachusetts Medical School, one of the fastest growing academic health centers in the country, has built a reputation as a world-class research institution, consistently producing noteworthy advances in clinical and basic research. The Medical School attracts more than $193 million in research funding annually, 80 percent of which comes from federal funding sources. The work of UMMS researcher Craig Mello, PhD, an investigator of the prestigious Howard Hughes Medical Institute (HHMI), and his colleague Andrew Fire, PhD, then of the Carnegie Institution of Washington, toward the discovery of RNA interference was awarded the 2006 Nobel Prize in Physiology or Medicine and has spawned a new and promising field of research, the global impact of which may prove astounding. UMMS is the academic partner of UMass Memorial Health Care, the largest health care provider in Central Massachusetts. For more information, visit www.umassmed.edu.
About the Massachusetts Life Sciences Center
The Massachusetts Life Sciences Center (MLSC) is a quasi-public agency of the Commonwealth of Massachusetts tasked with implementing the Massachusetts Life Sciences Act, a ten-year, $1 billion initiative that was signed into law in June of 2008. The Center’s mission is to create jobs in the life sciences and support vital scientific research that will improve the human condition. This work includes making financial investments in public and private institutions that are advancing life sciences research, development and commercialization as well as building ties between sectors of the Massachusetts life sciences community. For more information, visit www.masslifesciences.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future expectations, plan and future development of RXi Pharmaceutical Corporation’s products and technologies. These forward-looking statements about future expectations, plans and prospects of the development of RXi Pharmaceutical Corporation’s products and technologies involve significant risks, uncertainties and assumptions, including the risk that the development of our RNAi-based therapeutics may be delayed or may not proceed as planned and we may not be able to complete development of any RNAi-based product, the risk that the FDA approval process may be delayed for any drugs that we develop, risks related to development and commercialization of products by our competitors, risks related to our 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 us from developing our products. Actual results may differ materially from those RXi Pharmaceuticals Corporation contemplated by these forward-looking statements. RXi Pharmaceuticals Corporation does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this release.
