RXi Pharma Enters Into Option Agreement To Buy MirImmune

(RTTNews) - RXi Pharmaceuticals Corporation (RXII) announced that it has entered into an exclusive option agreement to acquire all outstanding capital stock of MirImmune Inc., a privately-held company focused on the development of next generation immunotherapies for the treatment of cancer, in consideration for a number of shares equal to 19.99% of the then outstanding shares of common stock of RXi, plus additional potential consideration contingent on MirImmune reaching certain milestones.

RXi Pharmaceuticals can exercise the option to acquire MirImmune on the terms set forth in the option agreement at any time prior to April 5, 2017 but has no obligation to do so.

MirImmune was co-founded by Tim Barberich, founder and former Chairman and CEO of Sepracor, Inc. In early 2015, RXi and MirImmune entered into an exclusive license agreement to RXi's novel and proprietary sd-rxRNA technology for use in developing innovative cell-based cancer immunotherapies.

separately, RXi Pharmaceuticals announced that it plans to conduct a securities offering in the near future. RXi plans to use the net proceeds from the offering to enable the smooth integration of MirImmune Inc. into RXi in the event that RXi exercises its option to acquire MirImmune Inc. and the timely development of RXi's current pipeline, as well as sd-rxRNA in cell therapy.