MARLBOROUGH, Mass., Feb. 5, 2015 /PRNewswire/ -- RXi Pharmaceuticals Corporation (NASDAQ: RXII), a biotechnology company focused on discovering and developing innovative therapies addressing high-unmet medical needs, today announced the closing of its previously disclosed exclusive global license agreement for the therapeutic use of Samcyprone™ with Hapten Pharmaceuticals, LLC.
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Under the terms of the license agreement, Hapten received a one-time upfront cash payment of $100,000 and 200,000 shares of RXi common stock. Hapten will also be entitled to receive future milestone payments tied to the achievement of certain clinical and commercial objectives, such as the enrollment of the first patient in a Phase 3 clinical trial and regulatory approval, and escalating royalties based on product sales.
About Samcyprone™
Samcyprone™, a proprietary immunomodulating topical gel containing the active agent diphenylcyclopropenone (DPCP), is currently in Phase 2a clinical trials for the treatment of alopecia areata, warts and cutaneous metastases of malignant melanoma. The proprietary gel formulation of DPCP, developed by Hapten Pharmaceuticals, LLC, should provide an improvement in the overall safety and tolerability profile compared to treatment with DPCP as currently used. Typically, patients treated with DPCP are initially sensitized with a single high concentration of drug and subsequently treated with low non-irritant concentrations. Use of high concentrations of DPCP during the sensitization dose results in hyper-sensitizing the patient to subsequent challenge doses. In contrast, the use of Samcyprone™ results in sensitization using a much lower concentration of DPCP, avoiding hyper-sensitization to challenge doses, which should result in an improved safety and tolerability profile while maintaining the known efficacy of DPCP.
Additional information on Samcyprone™ is available and may be found on the "Technology" section of the Company's website, www.rxipharma.com.
About Hapten Pharmaceuticals, LLC
Hapten Pharmaceuticals, LLC is an early stage dermatology product development company based in New York, NY. Hapten's Samcyprone™ is a topical immunomodulator that incorporates DPCP in a proprietary gel formulation.
About RXi Pharmaceuticals Corporation
RXi Pharmaceuticals Corporation (NASDAQ: RXII) is a biotechnology company focused on discovering and developing innovative therapeutics, primarily in the area of dermatology and ophthalmology, addressing high-unmet medical needs. Our discovery and clinical development programs are based on siRNA technology as well as immunotherapy agents. These compounds include, but are not limited to, our proprietary, self-delivering RNAi (sd-rxRNA®) compounds for the treatment of dermal and retinal scarring. It also includes an immunomodulator, Samcyprone™, a proprietary gel formulation of diphenylcyclopropenone (DPCP), for the treatment of such disorders as alopecia areata, warts, and cutaneous metastases of melanoma.
RXi's robust pipeline, coupled with an extensive patent portfolio, provides for product and business development opportunities across a broad spectrum. We are committed to being a partner of choice for academia, small companies, and large multinationals. We welcome ideas and proposals for strategic alliances, including in- and out-licensing opportunities, to advance and further develop strategic areas of interest.
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 and planned and future development of RXi Pharmaceuticals Corporation's products, technologies and partnerships. Forward-looking statements about expectations and development plans of RXi's products and partnerships involve significant risks and uncertainties such as: the risk that we may not be able to successfully develop and commercialize the Samcyprone™ product candidates, or that development of the Samcyprone™ product candidates may be delayed or not proceed as planned, risks related to the development and commercialization of products by our competitors, the risk 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 preventing us from developing our products. Actual results may differ from those contemplated by these forward-looking statements. RXi does not undertake to update forward-looking statements to reflect a change in its views, events or circumstances that occur after the date of this release.
Contact
RXi Pharmaceuticals Corporation
Tamara McGrillen
508-929-3646
tmcgrillen@rxipharma.com
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SOURCE RXi Pharmaceuticals Corporation