CytRx forms subsidiary; Mello to sit on board
CytRx Corp. in Worcester has contributed its RNA interference (RNAi) assets to Massachusetts-based RXi Pharmaceuticals Corp., and has formed a scientific advisory board that includes Craig C. Mello, UMass Medical School (UMMS) researcher and last year's winner of the Nobel Prize in Physiology or Medicine.
RXi is currently co-owned by CytRx and world leaders in RNAi technology. Subsequent to the contribution of assets, CytRx will own 85 percent of the outstanding stock of RXi, with the remainder owned by the anticipated scientific advisory team.
Mello, who is the Blais University Chair in Molecular Medicine at UMMS, will be joined by three others leading scientists, which includes Gregory Hannon, a Howard Hughes Medical Institute Investigator at Cold Spring Harbor Laboratory; Tariq Rana, professor of Biochemistry and Molecular Pharmacology and Founding Director of the Program in Chemical Biology at UMMS; and Michael Czech, Professor and Chair of the Program in Molecular Medicine at UMMS.
RXi intends to expand on CytRx's RNAi therapeutics programs for the treatment of human diseases. Contributions from CytRx consist largely of several key licenses to early fundamental RNAi technologies from the UMMS and Carnegie Institution of Washington, as well as equipment and other tangible assets from CytRx's Worcester laboratory.
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