Stock Update (NASDAQ:RXII): Here’s Why RXi Pharmaceuticals Corp Shares Rose 25%
RXi Pharmaceuticals Corp (NASDAQ:RXII) investors should be smiling today, after drug maker Opko Health (NASDAQ:OPK) disclosed in a SEC filing a 5.11% passive stake (446,360 shares) in RXII.
Reacting to the disclosure, RXi Pharmaceuticals shares are rising nearly 25% to $0.88 in early trading Friday.
RXi Pharmaceuticals Corp. is a biotechnology company. It focuses on discovering, developing and commercializing innovative therapies based on its proprietary, new-generation RNA interference platform. RXi Pharmaceuticals proprietary therapeutic platform is comprised of novel RNAi compounds include rxRNAori and sd-rxRNA. Its clinical product candidate is RXI-109 a self-delivering RNAi compound developed for the reduction of dermal scarring in planned surgeries. RXI-109 is designed to reduce the expression of connective tissue growth factor a critical regulator of several biological pathways involved in scarring and fibrotic diseases. The company was founded on September 8, 2011 and is headquartered in Marlborough, MA.