RXi Pharmaceuticals, the Worcester-based development-stage drug company, has purchased an Arizona company and replaced its president and CEO.
RXi entered a definitive agreement to purchase Apthera, a private biotech company based in Scottsdale, Ariz. RXi will give Apthera about 4.8 million shares of RXi stock and Apthera will be entitled to contingency payments related to certain milestones for one of its drugs. RXi stock traded today around $1.40 per share.
Apthera has products in clinical trials aimed at reducing recurrence rates in breast and other cancers.
As part of the move, RXi appointed one of its board members, Mark Ahn, to be the head of the new combined company, which will remain in Worcester. Former RXi president and CEO Noah Beerman will remain on with the company as a consultant as it transitions from drug development to commercialization functions.
