RXi concluded an acquisition of Apthera for 4.8 million shares of its stock values at approximately $7.2 M (Mar 30th). In the process, RXi picks up Apthera's NeuVax immunotherapy treatment. NeuVax is scheduled to enter phase III trials for HER2-positive breast cancer, and is also in trials as a treatment for prostate cancer. NeuVax is also being tested in combination with Genetech's (Roche's )Herceptin to target breast cancer.
The deal gives RXi a late stage candidate while its own lead RNAi drug RXi-109 for anti-scarring is at an early stage in the clinic. The deal leaves Apthera's CEO Mark Ahn as the new CEO of the combined company and RXi will now gain access to Nasdaq. RXi's outgoing CEO Noah Beerman will remain as a consultant. See Fierce Biotech and Seeking Alpha.
Posted by Bruce Lehr April 1st 2011.