Stock Update (NASDAQ:RXII): RXi Pharmaceuticals Corp Granted Patent in China for Lead Clinical Candidate RXI-109
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 patent from the State Intellectual Property Office of the People’s Republic of China (SIPO) for the composition and methods of use for RXI-109 and other connective tissue growth factor (CTGF) targeting self-delivering RNAi compounds (sd-rxRNA®) for the treatment of fibrotic disorders, including skin fibrosis. The patent is scheduled to expire in 2031.
RXI-109 and other CTGF-targeting sd-rxRNA® compounds may be beneficial for the treatment of fibrotic diseases, including dermal scarring, a condition with a much higher prevalence in people with darker skin. Skin pigmentation is classified in VI categories known as the Fitzpatrick scale. In China, individuals tend to have skin types between III and V. The prevalence rates for hypertrophic scarring in individuals with higher-scoring Fitzpatrick phototypes can be up to 40-70% following surgery, making China a significant market for RXI-109 in the treatment of dermal scarring. According to Persistence Market Research, China is predicted to be one of the fastest growing markets for scar treatments in Asia.
“We are pleased with the issuance of this core patent which covers RXI-109 in China,” said Dr. Geert Cauwenbergh, President and CEO of RXi Pharmaceuticals. He added, “Not only does this patent further strengthen our intellectual property portfolio, it also expands regional out-licensing and partnering opportunities available with our self-delivering platform. This comes at an important time as we accelerate our business development efforts, one of our seven key initiatives for increasing shareholder value.” (Original Source)
Shares of RXi Pharmaceuticals Corp opened today at $0.412 and are currently trading down at $0.3989. 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 $0.55.
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 775.0% from where the stock is currently trading. According to TipRanks.com, Breidenbach has a total average return of 17.7%, a 50.0% success rate, and is ranked #989 out of 3759 analysts.
RXi Pharmaceuticals Corpis a biotechnology company focused on discovering and developingtherapies addressing high unmet medical needs, in the areas of dermatology and ophthalmology.