The acquisition prodives RXi Pharma with to access NeuVax, a peptide-based immunotherapy for low-to-intermediate HER2+ breast cancer, patients who are not eligible for Herceptin RXi has targeted NeuVax to enter Phase III clinical trials in the first half of 2012.
As per the terms of the agreement, Apthera stockholders will initially receive approximately 4.8m shares of RXi Pharma’s common stock.
Additionally, RXi Pharma will also pay contingent payments to Apthera’s stockholders based on the achievement of certain development and commercial milestones relating to Apthera’s NeuVax product candidate.
RXi Pharma president and CEO Mark Ahn said NeuVax and RXI-109 significantly advance RXi into a product development company with novel therapeutics addressing large unmet medical needs.
RXI-109 is a self-delivering RNAi compound (sd-rxRNATM) for the reduction of dermal scarring in planned surgeries.
The company said RXI-109 remains on track for an investigational new drug (IND) application filing this year.