Business Veteran Brings to RXi a Successful Track Record of Building a Pipeline
of Biopharmaceutical Products
WORCESTER, Mass.--(Business Wire)--
RXi Pharmaceuticals Corporation (Nasdaq: RXII), a biopharmaceutical company
pursuing the development and commercialization of proprietary therapeutics based
on RNA interference (RNAi), today announced that Noah D. Beerman has joined the
company as its new President and Chief Executive Officer. The appointment of Mr.
Beerman as CEO is part of a planned succession in leadership as the company
looks to advance from the research stage to product development and execution of
therapeutic collaborations and partnerships. He succeeds RXi`s co-founder, Tod
Woolf, Ph.D., who will continue as a member of RXi`s Scientific Advisory Board
(SAB).
Mr. Beerman (47) joins RXi with over 25 years of experience in the
biopharmaceutical industry and most recently served as Executive Vice President,
Chief Business Officer for Indevus Pharmaceuticals, Inc., which was acquired by
Endo Pharmaceuticals in March 2009 for $370 million plus future milestone
payments. At Indevus, Mr. Beerman was responsible for the development and
implementation of the company`s corporate development strategy to ensure near-
and long-term growth and success. Noah was also responsible for overseeing
Indevus` acquisition of Valera Pharmaceuticals in 2007 and for managing the
integration activities with Endo as part of this transaction.
Prior to joining Indevus in 1997, Mr. Beerman was Vice President responsible for
health care at Technology Management and Funding (TMF), a venture firm where he
developed and executed business and commercialization strategies for TMF`s
biotechnology portfolio. Earlier in his career, he served in a variety of
business and scientific capacities at Creative BioMolecules, Sandoz AG, and
Repligen. Mr. Beermanholds an M.B.A. from Northeastern University's High
Technology Program and a B.S. in molecular genetics from the University of
Rochester.
"Noah brings to RXi an extensive biotechnology business background and broad
scientific expertise. We are delighted to welcome Noah to the team and believe
that his experience will help transform RXi from a research stage company into a
development stage company. We are highly encouraged by the pre-clinical data
generated by RXi and are optimistic that this will lead to accelerating our
product development as well as our partnering activities. Given Noah`s
successful track record in these areas, RXi should be well positioned to
capitalize on these opportunities," commented Sanford Hillsberg, RXi`s Chairman
of the Board.
"We would like to thank Dr. Woolf, who has guided the strategic vision of RXi
since early 2007, taking the company public in 2008 and bringing RXi from a
concept to a leading RNAi therapeutics company. Under his leadership, RXi has
achieved a number of important technological innovations, including the creation
of RXi`s self-delivering rxRNA (sd-rxRNA) compounds that have recently
demonstrated positive results in animal models. The board would like to
acknowledge Dr. Woolf for his service and is delighted that he will remain with
RXi as an active member of our SAB," continued Mr. Hillsberg.
Mr. Beerman added, "I am excited to join RXi and lead its next phase of growth.
My experience in building clinical pipelines will help guide the company as it
looks to advance products using its breakthrough technology and advanced
therapeutic platform. I look forward to working with the team to define RXi`s
clinical programs and in realizing the full potential of this unique and
exciting technology."
About RXi Pharmaceuticals Corporation
RXi Pharmaceuticals is a discovery-stage biopharmaceutical company pursuing the
development and potential commercialization of proprietary therapeutics based on
RNA interference (RNAi) for the treatment of human diseases. RXi has a
comprehensive therapeutic platform that includes both RNAi compounds and
potential delivery methods. RXi uses its own version of RNAi compounds -- rxRNA
-- that provide an advanced alternative to conventional small interfering RNAs
(siRNAs) and may define the next generation of RNAi technology. rxRNA compounds
are designed specifically for therapeutic use and contain many of the properties
needed to move RNAi based drugs into the clinic. RXi Pharmaceuticals believes it
is well positioned to compete successfully in the RNAi-based therapeutics market
with its accomplished scientific advisors, including Dr. Craig Mello, recipient
of the 2006 Nobel Prize for his co-discovery of RNAi; a management team that is
experienced in developing RNAi products; and a strong early intellectual
property position in RNAi chemistry and delivery. www.rxipharma.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements include, but
are not limited to, statements about future expectations, plan and future
development of RXi Pharmaceutical Corporation`s products and technologies. These
forward-looking statements about future expectations, plans and prospects of the
development of RXi Pharmaceutical Corporation`s products and technologies
involve significant risks, uncertainties and assumptions, including the risk
that the development of our RNAi-based therapeutics may be delayed or may not
proceed as planned and we may not be able to complete development of any
RNAi-based product, the risk that the FDA approval process may be delayed for
any drugs that we develop, risks related to development and commercialization of
products by our competitors, risks related to our ability to control the timing
and terms of collaborations with third parties, risks relating to our need to
raise additional capital to carry out our future contemplated activities and the
possibility that other companies or organizations may assert patent rights that
prevent us from developing our products. Actual results may differ materially
from those RXi Pharmaceuticals Corporation contemplated by these forward-looking
statements. RXi Pharmaceuticals Corporation does not undertake to update any of
these forward-looking statements to reflect a change in its views or events or
circumstances that occur after the date of this release.
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RXi Pharmaceuticals
Donna Falcetti, 508-929-3615
ir@rxipharma.com
or
Investors:
S. A. Noonan Communications
Susan Noonan, 212-966-3650
susan@sanoonan.com
or
Media:
Rx Communications Group
Eric Goldman, 917-322-2563
egoldman@rxir.com
Copyright Business Wire 2009
