RXi Pharmaceuticals Corp (NASDAQ:RXII), a biotechnology company focused on discovering and developing innovative therapeutics, primarily in the areas of dermatology and ophthalmology, announced that it received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) on its novel, self-delivering RNAi platform (sd‑rxRNA®). The patent, titled “RNA Interference in Ocular Indications,” covers methods of use of RXi’s VEGF-targeting and CTGF-targeting self-delivering rxRNAs®, including RXI-109, for use in the eye. The patent, once issued, will be scheduled to expire in 2031.
This core patent, within RXi’s intellectual property portfolio, broadens the coverage of RXi’s self-delivering platform and provides coverage of RXI-109 for the treatment of ocular fibrosis. Scarring of the eye, as a consequence of disease or injury, can result in impairment or loss of vision. Medical or surgical treatments for the scarring component of ocular indications is limited. A therapeutic, such as RXI‑109, that is effective in reducing the activity of CTGF could have great benefit for patients whose ocular condition has an active scarring component. To date, there are no FDA-approved therapeutics for the treatment and prevention of scarring in the eye.
“We are pleased to receive this notice of allowance from the USPTO, covering the use of our proprietary VEGF and CTGF-targeting sd-rxRNAs in the eye, as RXi prepares to file an IND for the use of RXI-109 to treat ocular fibrosis,” said Dr. Geert Cauwenbergh, President and CEO of RXi Pharmaceuticals. He further added, “The Company continues to advance its clinical programs as planned and we look forward to providing additional updates on our ophthalmology and dermatology programs in the coming months.” (Original Source)
Shares of RXi Pharmaceuticals Corp closed yesterday at $0.3737 . RXII has a 1-year high of $3.98 and a 1-year low of $0.34. The stock’s 50-day moving average is $0.58 and its 200-day moving average is $1.16.
On the ratings front, H.C. Wainwright analyst Reni Benjamin reiterated a Buy rating on RXII, with a price target of $5, in a report issued on March 31. The current price target represents a potential upside of 1251.4% from where the stock is currently trading.
According to TipRanks.com, Benjamin has a total average return of 2.6%, a 39.6% success rate, and is ranked #1508 out of 3610 analysts.
RXi Pharmaceuticals Corpis a biotechnology company focused on discovering and developingtherapies addressing high unmet medical needs, in the areas of dermatology and ophthalmology.