May 10, 2012 | last updated May 11, 2012 11:40 am

RXi Completes Spin-Off, Names New CEO

RXi Pharmaceuticals Corp. of Worcester has begun trading on the OTC Bulletin Board, marking the final step in its spin-off from Galena Biopharma Inc.

The company, which is developing therapies based on RNA interference technology, also appointed Geert Cauwenbergh as its president and CEO. Cauwenbergh previously headed Barrier Therapeutics Inc., a publicly traded biopharmaceutical company. Before that, he held senior management positions at Johnson & Johnson.

The original RXi company was cofounded by Craig Mello, an RNA researcher from the University of Massachusetts Medical School who won a 2006 Nobel Prize. Last September, the company changed its name to Galena Biopharma and moved its headquarters to Oregon. At the same time, it spun off the new RXi Pharmaceuticals, which has remained in Worcester. Galena now focuses on cancer therapies, while RXi continues to work with RNA research.

RXi is now trading under the symbol RXII.

Image credit: digitalart

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