CytRx spins off RNAi assets into new company
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CytRx has set up a subsidiary devoted to RNAi, or gene silencing, and gathered a stellar group of advisers for it that includes the Nobel Prize-winning Craig Mellow. Tod Woolf, the former CEO at Sequitir, will run the operation, dubbed RXi Pharmaceuticals. Other advisers are: Gregory J. Hannon, Tariq M. Rana and Michael P. Czech. CytRx will own 85 percent of the new company and the advisers will share 15 percent.
"The clinical potential of RNAi technology is garnering strong attention from the pharmaceutical industry, making the timing excellent to acquire these RNAi assets from CytRx," Woolf said in a statement.
- check out the press release
- here's the AP report on the new company
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