RXi Pharmaceuticals Corporation (NASDAQ: RXII)
RXi Pharmaceuticals is having an overwhelmingly strong day in the market today. After issuing a PR informing investors of a new patent, the stock started to climb dramatically, leading to an alert from our partners at Trade Ideas. At the moment (9:46), RXII is trading at $1.05 per share after a gain of $0.29 per share (38.17%) thus far today.
RXII Announces Receipt Of New Patent
As mentioned above, RXII is having an overwhelmingly strong day in the market today after issuing a PR that announced the receipt of a new patent. The patent was granted by the Japan Patent Office surrounding the composition of matter of sd-rxRNAs targeting connective tissue growth factor for the treatment and/or prevention of fibrotic disorders. This includes but is not limited to skin fibrosis as well as proliferative retinopathy. The patent specifically includes RXi Pharmaceuticals’ lead drug candidate RXI-109, a compound that is currently being evaluated in Phase 2 clinical trials. The patent will expire in 2031. In a statement, Pamela Pavco, PhD, Chief Development Officer at RXII, had the following to offer:
“From our ongoing Phase 2 clinical trials, we have reported preliminary results indicating that the use of RXI-109 after scar revision surgery had a visible, beneficial effect on the suppression of hypertrophic scarring, at three months following revision surgery. We have also shown RXI-109 to be safe and well-tolerated in the eye in our ongoing ocular trial. This patent increases our ability to protect our novel CTGF-targeting compounds which are based on our proprietary self-delivering RNAi platform… The granting of this patent in Japan further strengthens RXi’s intellectual property estate for future commercial and regional business development opportunities for RXI-109.”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on RXII. In particular, we’ll be following the company’s ongoing work with regard to its lead candidate RXI-109 as it continues to look more and more promising. We’ll continue to keep a close eye on the news and bring it to you as it breaks!
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