MARLBOROUGH, Mass.,
May 10, 2016 /PRNewswire/ -- RXi
Pharmaceuticals Corporation (NASDAQ: RXII), a clinical-stage RNAi
company developing innovative therapeutics in dermatology and
ophthalmology that address significant unmet medical needs, today
announced that it is in the process of exploring strategic options
including a range of potential M&A and business development
opportunities designed to enhance shareholder value. As part
of this effort, RXi has engaged Griffin Securities, Inc.
("Griffin") for one of these transactions.
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"Following our recent reverse stock split and the full
conversion of our preferred stock at the end of 2015, we have
successfully reset the Company's capital structure and are now
better positioned to execute on one or more strategic transactions
that would significantly advance our Company," stated Dr.
Geert Cauwenbergh, President and
Chief Executive Officer of RXi. "In furtherance of this goal, we
have engaged Griffin Securities and are in active discussions
regarding a potential merger transaction that, if successful, would
be expected to bring substantial synergies to the combined business
and significantly advance our clinical pipeline." He added
that: "We are pleased to be working with the highly experienced
team at Griffin, and to tap into their expertise in working on this
type of project. Although there can be no assurance that the
exploration of any alternatives will result in RXi entering into or
consummating a transaction, we are committed to enhancing our
growth through this type of transactions, and are actively engaged
in activities to arrive at this goal."
There can be no assurance that the exploration of strategic
alternatives will result in a transaction. The Company does not
intend to provide updates unless or until it determines that
disclosure is appropriate or necessary.
About RXi Pharmaceuticals Corporation
RXi Pharmaceuticals Corporation (NASDAQ: RXII) is a
clinical-stage RNAi company developing innovative therapeutics in
dermatology and ophthalmology that address significant unmet
medical needs. Building on the pioneering work of RXi's
Scientific Advisory Board Chairman and Nobel Laureate Dr.
Craig Mello, our discovery and
clinical development programs are based on our proprietary RNAi
(sd-rxRNA) platform and Samcyprone™, a topical
immunomodulator. Our clinical development programs include
RXI-109, an sd-rxRNA, for the treatment of dermal and ocular
scarring, and Samcyprone™ for the treatment of such disorders as
warts, alopecia areata, non-malignant skin tumors and cutaneous
metastases of melanoma. RXi's robust pipeline, coupled with
an extensive patent portfolio, provides for multiple product and
business development opportunities across a broad spectrum of
therapeutic areas. We are committed to being a partner of choice
for academia, small companies, and large multinationals. We welcome
ideas and proposals for strategic alliances, including in- and
out-licensing opportunities, to advance and further develop
strategic areas of interest. Additional information may be found on
the Company's website, www.rxipharma.com.
About Griffin Securities
Griffin Securities, Inc. is a full service investment banking
firm based in New York City
focused on identifying world changing ideas and people in the areas
of Technology, Healthcare, Energy, Industry and Synthetic Biology.
Griffin offers a range of services including raising capital,
merger and acquisitions, partnerships and collaborations and
financial advisory services complemented by institutional sales and
trading and proprietary research. Griffin has established itself as
a trusted and respected ally deeply knowledgeable about strategies,
development, and operations that deliver sustained growth and
shareholder value.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
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: our ability to successfully execute on the Company's
strategic goals, including pursuit of the merger transaction
referred to in this press release; any benefits of such
transaction, if successfully consummated; our ability to
successfully develop RXI-109, Samcyprone™ and our other product
candidates (collectively "our product candidates"); the future
success of our clinical trials with our product candidates; the
timing for the commencement and completion of clinical trials; our
ability to enter into strategic partnerships and the future success
of these strategic partnerships; and our ability to deploy our
sd-rxRNA® technology through partnerships, as well as the prospects
of these partnerships to provide positive returns. Forward-looking
statements about expectations and development plans of RXi's
product candidates and partnerships involve significant risks and
uncertainties, including the following: risks that we may not be
able to successfully develop and commercialize our product
candidates; risks that product development and clinical studies may
be delayed, not proceed as planned and/or be subject to significant
cost over-runs; risks related to the development and
commercialization of products by competitors; risks related to our
ability to control the timing and terms of collaborations with
third parties; and risks that other companies or organizations may
assert patent rights preventing us from developing or
commercializing our product candidates. Additional risks are
detailed in our most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q under the caption "Risk
Factors." Readers are urged to review these risk factors and
to not act in reliance on any forward-looking statements, as actual
results may differ from those contemplated by our forward-looking
statements. Forward-looking statements are provided only as of the
date of this release and RXi does not undertake to update
forward-looking statements to reflect a change in its views, events
or circumstances that occur after the date of this release.
Contact
RXi Pharmaceuticals Corporation
Tamara McGrillen
508-929-3646
tmcgrillen@rxipharma.com
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SOURCE RXi Pharmaceuticals Corporation