CytRx is forming a new subsidiary to develop RNAi drugs. The Los Angeles-based biotech plans to transfer all of its ribonucleic acid interference (RNAi) therapeutics assets into the subsidiary. RNAi uses gene-silencing technology to shut down genes that can trigger a disease. "We believe that this structure will enable us to capitalize on recent progress in the field of RNAi by promoting research collaborations, other strategic alliances, and direct financing opportunities," said Steven A. Kriegsman, CytRx's president and CEO. "Most significantly, this subsidiary will be a "pure play" RNAi company and can now more easily be compared with other RNAi companies, which could materially increase CytRx's overall valuation."
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