RXi Pharmaceuticals Corp (NASDAQ: RXII) is having a relatively strong start to the trading session this morning, and for good reason. The company announced that it has entered into a research collaboration shortly after the results of a program surrounding RXI-231 were released. Today, we’ll talk about both bits of news, what we’re seeing from the stock this morning, and what we’ll be watching for with regard to RXII ahead.
RXII Gains On Collaboration Agreement
As mentioned above, RXi Pharmaceuticals is having a relatively strong start to the trading session this morning after announcing a collaboration agreement. The agreement comes shortly after the data from a key trial surrounding RXI-231 was released. In the press release, RXII announced that it has entered into a collaborative research agreement with the Center for Cancer Immune Therapy at Herlev Hospital. Herlev Hospital is a leading European center for use of tumor infiltrating lyphocytes for adaptive T-cell therapy. Under the agreement, RXII and CCIT will research the potential of RXi Pharmaceuticals’ novel self-delivering RNAi technology platform in TILs for the use in the treatment of a number of different types of cancers.
The news comes shortly after RXII announced the results of a consumer/functional testing program with RXI-231. RXI-231 is a cosmetic ingredient based on sd-rxRNA® that targets tyrosinase. The treatment is a gel that’s designed to improve skin appearance through the reduction of pigmentation. The data showed that RXI-231 does indeed have the potential to reduce skin pigmentation induced by UV exposure. In a statement, Dr. Gerritt Dispersyn, Chief Development Officer at RXII, had the following to offer:
“We are very pleased with these positive results of our consumer testing program with RXI-231. These results not only validate our preclinical data about the effect of RXI-231 on skin pigmentation, but also provide important information on the capabilities of our proprietary topical formulation for the use of our sd-rxRNA based cosmetic ingredients in the consumer care space… In addition, the team is working diligently toward providing updates on our clinical programs before the end of this year, including our hypertrophic scar study, RXI-109-1402.”
How The Stock Reacted To The News
As investors, when we first start to dabble in the market, we quickly learn that the news causes movement. With the strong news from the study just a couple of days back and the announcement of the collaboration today, there’s no surprise that we’re seeing gains on the stock. Of course, our partners at Trade Ideas were the first to alert us to the movement. At the moment (9:07), RXII is trading at $0.65 per share after a gain of $0.02 per share or 3.92% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on RXII. In particular, we’ll be following the company’s ongoing work with regard to multiple studies as well as their newly formed research collaboration in the oncology space. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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