The National Institute of Neurological Disorders and Stroke offered the first grant, for $304,559, to address Phase 1 of a project aimed at developing RNAi treatment for amyotrophic lateral sclerosis (ALS) and other neurodegenerative disorders. A news release today noted that RXi can apply for more funding to move the project into Phase 2.
National Institute of General Medical Sciences funded RXi's second grant, $273,824, for what is billed as the "RNAi chemical optimization project." The goal of the project will be to improve RNAi therapeutics delivery – particularly the in vivo potency and bio-distribution of the company's sd-rxRNA compounds.
RXi Pharmaceuticals is built on the work of scientific founder and Nobel Laureate Craig Mello.
Earlier this month, the company made a public stock and warrants offering that could bring about $12 million to RXi.
At the end of March, RXi said that it planned to spend about $7.2 million in a stock deal to acquire Apthera Inc., an Arizona biotechnology company developing cancer therapeutics. (Original Source: | Boston Business Journal)
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