RXi to spin off RNAi and focus on targeted cancer therapies

RXi Pharmaceuticals, the Worcester, Massachusetts-based developer of targeted biotherapeutics, is to spin off its RNA interference therapy programmes to a new company and focus solely on its targeted cancer therapies. Both companies will be publicly traded, with the new RNAi business retaining the RXi name and the oncology-focused firm becoming Galena Biopharma. Concurrently, the firms will receive $12 million in financing from investors.