Stock Update (NASDAQ:RXII): RXi Pharmaceuticals Corp Bolsters Protection for its Novel Self-Delivering RNAi Platform with Notice of Allowance from USPTO
RXi Pharmaceuticals Corp (NASDAQ:RXII), a biotechnology company focused on discovering and developing innovative therapies primarily in the areas of dermatology and ophthalmology, today announced that it has been granted a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for both the composition and methods of use of RXi’s self-delivering (sd-rxRNA®) platform technology. The patent is scheduled to expire in 2029.
This patent, a continuation of our core sd-rxRNA platform patent, broadly covers the overall structure and modifications of our self-delivering technology in addition to covering an alternative delivery strategy wherein a hydrophobic conjugate is not utilized.
“We have been diligent and proactive with our approach to broadly protect our valuable corporate assets,” said Dr. Geert Cauwenbergh, President and CEO of RXi Pharmaceuticals. He added, “We are very pleased to receive this notice of allowance from the USPTO for expanded protection of our novel platform. This opens up additional business development and partnering opportunities with our sd-rxRNA platform as we vigorously pursue these initiatives to build shareholder value.” (Original Source)
Shares of RXi Pharmaceuticals closed last Friday at $0.42. RXII has a 1-year high of $2.30 and a 1-year low of $0.34. The stock’s 50-day moving average is $0.41 and its 200-day moving average is $0.53.
On the ratings front, H.C. Wainwright analyst Mark Breidenbach reiterated a Buy rating on RXII, with a price target of $3.50, in a report issued on September 1. The current price target represents a potential upside of 733.3% from where the stock is currently trading. According to TipRanks.com, Breidenbach has a total average return of -2.5%, a 40.0% success rate, and is ranked #2731 out of 3764 analysts.
RXi Pharmaceuticals Corpis a biotechnology company focused on discovering and developingtherapies addressing high unmet medical needs, in the areas of dermatology and ophthalmology.