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Initial Trading of RXi Pharmaceuticals Begins Today on the NASDAQ Capital Market Under Symbol RXII

WORCESTER, Mass.--(BUSINESS WIRE)--March 12, 2008--RXi Pharmaceuticals (NASDAQ: RXII), a biopharmaceutical company pursuing the development and potential commercialization of proprietary therapeutics based on RNA interference (RNAi) for the treatment of human diseases, initiated trading today on the NASDAQ Capital Market.

"RXi has developed a potent and novel RNAi drug discovery platform. We are excited to be one of the few public companies focused exclusively on capturing the promise of RNAi therapeutics to treat currently untreatable, or inadequately treated, diseases," stated Tod Woolf, Ph.D., RXi's President and CEO. "We believe that RXi's combination of proprietary delivery technology, next generation rxRNA(TM) compounds and our RNAi focused team will rapidly drive our development as a leader in the field of RNAi."

RNAi is a naturally occurring process by which a gene's message in a cell can be silenced before it creates a protein. RNAi offers a novel approach to the drug development process because RNAi compounds can potentially be designed to target any one of the genes in the human genome. RXi Pharmaceutical's founder and Scientific Advisory Board Chairman, Dr. Craig Mello, was awarded the Nobel Prize in Medicine for his co-discovery of RNAi.

On Thursday, March 13, 2008 at 11:00 AM EST, RXi will host a webcast to introduce shareholders to the Company. To access the call, dial 888-713-4213 (domestic) or 617-213-4865 (international) and enter the passcode 29757098. A replay of the webcast will be available on the Company's website, www.rxipharma.com, in the Company Events section.

About RXi Pharmaceuticals Corporation

RXi Pharmaceuticals is a discovery-stage biopharmaceutical company pursuing the development and potential commercialization of proprietary therapeutics based on RNA interference (RNAi) for the treatment of human diseases. RXi Pharmaceuticals' rxRNA(TM) compounds are distinct from the siRNA compounds used by many other companies developing RNAi therapeutics and are believed by the Company, based on its internal research, to be up to 100x more active than conventional siRNA (depending on the target site), nuclease resistant and readily manufactured. RXi Pharmaceuticals believes it is well positioned to compete successfully in the RNAi-based therapeutics market with its accomplished scientific advisors, including Dr. Craig Mello, recipient of the 2006 Nobel Prize for his co-discovery of RNAi, a management team that is experienced in developing RNAi products, and a strong early intellectual property position.

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 future expectations, plan and future development of RXi Pharmaceutical Corporation's products and technologies. These forward-looking statements about future expectations, plans and prospects of the development of RXi Pharmaceutical Corporation's products and technologies involve significant risks, uncertainties and assumptions, including the risk that the development of our RNAi-based therapeutics may be delayed or may not proceed as planned and we may not be able to complete development of any RNAi-based product, the risk that the FDA approval process may be delayed for any drugs that we develop, and the possibility that other companies or organizations may assert patent rights that prevent us from developing our products. Actual results may differ materially from those RXi Pharmaceuticals Corporation contemplated by these forward-looking statements. RXi Pharmaceuticals Corporation does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this release.

CONTACT: RXi Pharmaceuticals
Donna Falcetti, 508-929-3615

SOURCE: RXi Pharmaceuticals

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