CAMBRIDGE, Mass. and
MARLBOROUGH, Mass., Sept. 15, 2017 /PRNewswire/ -- BioAxone
BioSciences, Inc. announced today that, as part of a collaborative
effort with RXi Pharmaceuticals Corporation (NASDAQ: RXII), it is
the recipient of a grant award from the National Institute of
Neurological Disorders and Stroke (NINDS), part of the agency's
SBIR Phase II funding program. This two-year grant provides
funding for further development of BioAxone's preclinical candidate
BA-434, a novel sd-rxRNA compound that targets PTEN for the
treatment of spinal cord injury.
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"We chose RXi's proprietary self-delivering RNAi technology
because of the simplicity and proven efficacy of in vivo
delivery to the central nervous system," said Dr. Lisa McKerracher, Founder and Chief Executive
Officer at BioAxone BioSciences, Inc. She further added, "Spinal
cord injury is an unmet need, and new therapeutics are urgently
needed to promote axon regeneration and reduce paralysis."
BioAxone has been awarded a total of $1,794,895 to fund the collaborative project over
24 months. During the first year, BioAxone will receive
$735,822 with the remaining balance
awarded in the second year after achieving certain milestones. For
their contribution, RXi will receive approximately $129,000 in the first year with the potential to
receive an additional $118,800 in the
second year after achieving certain milestones. Under this grant
(R44NS084489), entitled "Development of self-delivering RNAi
targeted to PTEN for treatment of spinal cord injury," BA-434 will
be further developed to silence PTEN, a protein known to be an
intrinsic barrier to regeneration, thereby supporting regeneration
in the adult central nervous system.
"We are honored to have the opportunity to collaborate with the
team at BioAxone, and are very pleased to have received financial
support from the NINDS to further the development of our novel RNAi
compounds as potential therapeutics for spinal cord injuries," said
Dr. Karen Bulock, Vice President of
Research at RXi Pharmaceuticals. "The grant process is highly
competitive, and this award serves to recognize and support the
therapeutic potential of RXi's proprietary self-delivering RNAi
platform."
The Small Business Innovation Research (SBIR) program was
created by the U.S. Congress to strengthen the role of small,
innovative companies in federally supported research and
development. It is one of the largest sources of early-stage
technology financing in the U.S. The National Institute of
Neurological Disorders and Stroke (NINDS) is the nation's leading
funder of research on the brain and nervous system and a component
of the National Institutes of Health (NIH). The content in this
press release is solely the responsibility of RXi and BioAxone and
does not necessarily represent the official view of NINDS or the
NIH.
About BioAxone BioSciences
BioAxone BioSciences is an emerging, clinical-stage
biotechnology company developing innovative drugs to restore
neurological function for patients with Spinal Cord Injuries (SCI)
and vascular malformations in the central nervous system and
glaucoma. Led by a team of scientists renowned for their work
on axon regeneration and neuronal signaling pathways, BioAxone has
a pioneering SCI drug currently in a Phase IIb/III clinical trial
partnered with Vertex. BioAxone has a strong preclinical research
program in spinal cord injury with a goal to develop new drugs to
expand the treatable SCI patient population. BioAxone seeks global
partners for their ROCK2 first-in-class kinase inhibitors for
treatment of neurological diseases with compromised blood-brain
barrier function and for glaucoma. For more information, visit
www.bioaxonebio.com.
About RXi Pharmaceuticals
RXi Pharmaceuticals Corporation (NASDAQ: RXII) is a
clinical-stage company developing innovative therapeutics that
address significant unmet medical needs. Building on the
pioneering discovery of RNAi, scientists at RXi have harnessed the
naturally occurring RNAi process which can be used to "silence" or
down-regulate the expression of a specific gene that may be
overexpressed in a disease condition. RXi developed a robust
RNAi therapeutic platform, including self-delivering RNA
(sd-rxRNA®) compounds, that have the ability to highly selectively
block the expression of any target in the genome, thus providing
applicability to many therapeutic areas. Our current programs
include dermatology, ophthalmology, and cell-based
immunotherapy. RXi's extensive patent portfolio provides for
multiple product and business development opportunities across a
broad spectrum of therapeutic areas, and we actively pursue
research collaborations, partnering and out-licensing opportunities
with academia and pharmaceutical companies. For additional
information, visit the Company's website,
www.rxipharma.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about: our ability to successfully develop RXI-109, Samcyprone™ and
our other product candidates (collectively "our product
candidates"); the future success of our clinical trials with our
product candidates; the timing for the commencement and completion
of clinical trials; our ability to enter into strategic
partnerships and the future success of these strategic
partnerships; and our ability to deploy our sd-rxRNA® technology
through partnerships, as well as the prospects of these
partnerships to provide positive returns. Forward-looking
statements about expectations and development plans of RXi's
product candidates and partnerships involve significant risks and
uncertainties, including the following: risks that we may not be
able to successfully develop and commercialize our product
candidates; risks that product development and clinical studies may
be delayed, not proceed as planned and/or be subject to significant
cost over-runs; risks related to the development and
commercialization of products by competitors; risks related to our
ability to control the timing and terms of collaborations with
third parties; and risks that other companies or organizations may
assert patent rights preventing us from developing or
commercializing our product candidates. Additional risks are
detailed in our most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q under the caption "Risk
Factors." Readers are urged to review these risk factors and
to not act in reliance on any forward-looking statements, as actual
results may differ from those contemplated by our forward-looking
statements. RXi does not undertake to update forward-looking
statements to reflect a change in its views, events or
circumstances that occur after the date of this release.
Contact
BioAxone Biosciences, Inc.
Pierre Caouette
617-401-3115
RXi Pharmaceuticals Corporation
Tamara McGrillen
508-929-3646
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SOURCE RXi Pharmaceuticals Corporation