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RXi Pharmaceuticals and TransDerm Announce Formation of Research Collaboration

WORCESTER, Mass. & SANTA CRUZ, Calif., Apr 06, 2010 (BUSINESS WIRE) --RXi Pharmaceuticals Corporation (Nasdaq: RXII), a biopharmaceutical company pursuing the development and commercialization of proprietary therapeutics based on RNA interference (RNAi), and TransDerm, Inc., a biopharmaceutical company developing nucleic acid skin delivery technologies and therapeutics for skin disorders, announced today that they will collaborate on studying the potential utility of RXi's proprietary compounds in dermatology models. Under the collaboration, the parties will explore the use of both existing and proprietary delivery approaches for dermatological applications. Each party will contribute technology and resources to the collaboration to evaluate and develop novel transdermal RNAi delivery. Financial terms of the collaboration were not disclosed.

"We have made excellent progress in the delivery of our novel rxRNA(TM) compounds in a variety of systemic and local applications, including intradermal delivery," said Noah D. Beerman, President and Chief Executive Officer of RXi. "As we refine the therapeutic focus for our unique technology, in addition to the development of our own proprietary technologies, including our 'self delivering' sd-rxRNA compounds, we will continue to collaborate on complementary delivery systems, to ensure the rapid progression of our compounds into clinical development."

RXi also recently announced new preclinical data exemplifying the performance of the Company's proprietary sd-rxRNA(TM) compounds in an in vivo model of compromised skin. Data generated using a fluorescently-tagged sd-rxRNA compound demonstrate spontaneous cellular uptake into dermal cells and a significant, sustained and reproducible silencing of the targeted mRNA. The data presented establish the efficacy of locally administered sd-rxRNA in animal models and support the potential use of these novel compounds for clinical applications where direct or local administration is possible.

TransDerm was recently awarded a NIH Grand Opportunities (GO) grant to compare existing skin delivery technologies with the aim of using the most promising technologies in the clinic. "We are excited to work with RXi to explore using their self-delivery technology for development of therapeutics to treat skin disorders including pachyonychia congenita," said Roger L. Kaspar, Ph.D, Founder and CEO of TransDerm. "The RXi technology has significant delivery advantages over the siRNA used in our initial Phase 1b clinical trial and we are keen to return to the clinic as soon as possible."

About RXi Pharmaceuticals Corporation

RXi Pharmaceuticals is a discovery-stage biopharmaceutical company pursuing the development and commercialization of proprietary therapeutics based on RNA interference (RNAi) for the treatment of human diseases. RXi has a comprehensive therapeutic platform that includes both novel RNAi compounds and advanced delivery methods that can be applied for local and systemic applications, against targets that may be undruggable by other modalities. RXi uses its proprietary version of RNAi compounds -- rxRNA(TM) -- that provide an advanced alternative to conventional small interfering RNAs (siRNAs) and define the next generation of RNAi technology. These include rxRNAori(TM), rxRNAsolo(TM), and sd-rxRNA(TM) (or "self delivering" RNA), which are distinct from, and potentially convey significant advantages over classic siRNA's. 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 and early, but broad, intellectual property position in RNAi chemistry and delivery. http://www.rxipharma.com

About TransDerm, Inc.

TransDerm is dedicated to developing therapeutics for skin disorders. In partnership with the International Pachyonychia Congenita Consortium (IPCC) and the PC Project (http://www.pachyonychia.org), TransDerm is investigating different avenues for helping patients suffering from the very rare skin disorder, pachyonychia congenita (PC). TransDerm identified TD101, the first siRNA used in the clinic to treat a skin disorder (PC) and the first to target a genetic mutation.

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, risks related to development and commercialization of products by our competitors, risks related to our ability to control the timing and terms of collaborations with third parties 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 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.

SOURCE: RXi Pharmaceuticals Corporation

RXi Pharmaceuticals
Investor Relations, 508-929-3615
ir@rxipharma.com
or
Investors
S. A. Noonan Communications
Susan Noonan, 212-966-3650
susan@sanoonan.com
or
Media
Rx Communications Group
Eric Goldman, 917-322-2563
egoldman@rxir.com
or
TransDerm, Inc.
Roger Kaspar, PhD, 831-420-1684
Roger.Kaspar@TransDermInc.com

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