RXi raising funds to acquire cancer therapy company
Geert Cauwenbergh, the President and CEO of RXi Pharmaceuticals, said that the ultimate goal of the company is to work toward more tolerable treatment for cancer patients and that this acquisition would assist with that.
Marlborough’s RXi Pharmaceuticals Corporation has entered into an exclusive agreement to purchase Boston-based MirImmune Inc. and announced plans to raise funds for the purchase.
The clinical-stage therapy developer announced on Wednesday that it has entered into an exclusive option agreement to acquire all outstanding capital stock of MirImmune. The privately-held company is focused on the development of immunotherapies for the treatment of cancer.
In the agreement, RXi would acquire the company for a number of shares equal to 19.99 percent of the then outstanding shares of common stock of RXi, plus additional potential consideration contingent on MirImmune reaching certain milestones. The two companies already have a working relationship, with an exclusive license agreement since early 2015 for MirImmune to use RXi's sd-rxRNA technology for use in developing cell-based cancer immunotherapies.
RXi can exercise this acquisition option any time prior to April 5, 2017. The company also announced in a separate release the intention to conduct a securities offering in the near future to fund the acquisition.
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