RXi Pharmaceuticals Announces Formation of microRNA Research Collaboration with Mirna Therapeutics

April 12, 2010

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), announced today that it has entered into a research collaboration with Mirna Therapeutics (Austin, TX), to determine the utility of combining RXi’s proprietary rxRNA™ technology with Mirna’s microRNA mimics as potential therapeutics in oncology. The parties will each contribute technology and resources to the collaboration to generate and evaluate novel microRNA compounds. Financial terms of the collaboration were not disclosed.

"RXi is focusing its proprietary rxRNA technology toward the discovery and development of therapeutics which target disease causing genes using the siRNA intrinsic cellular mechanism,” said Noah D. Beerman, President and Chief Executive Officer of RXi. “Within the field of RNAi, we believe our rxRNA molecules also have the potential of acting through the microRNA pathway. With Mirna’s expertise in microRNA biology, we look forward to exploring this opportunity for the expanded utility of RXi’s proprietary compounds in the relatively new, but promising and rapidly growing field of microRNA therapeutics.”

microRNAs are naturally occurring small RNA molecules involved in numerous biological processes. Misregulation of microRNAs has been recently demonstrated to be associated with various human disorders, including cancer, cardiovascular, inflammation and metabolic diseases.

About RXi Pharmaceuticals Corporation

RXi Pharmaceuticals is a discovery-stage biopharmaceutical company pursuing the development and commercialization of proprietary therapeutics based on RNA interference (RNAi) for the treatment of human diseases. RXi has a comprehensive therapeutic platform that includes both novel RNAi compounds and advanced delivery methods that can potentially be applied for local and systemic applications, against targets that may be undruggable by other modalities. RXi uses its proprietary version of RNAi compounds -- rxRNA™ -- that provide an advanced alternative to conventional small interfering RNAs (siRNAs) and define the next generation of RNAi technology. These include rxRNAori™, rxRNAsolo™, and sd-rxRNA™ (or “self delivering” RNA), which are distinct from, and potentially convey significant advantages over classic siRNA’s. 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 and early, but broad, intellectual property position in RNAi chemistry and delivery. www.rxipharma.com

About Mirna Therapeutics

Mirna Therapeutics is a biotechnology company focused on the development and commercialization of microRNA (miRNA) therapeutics. The Company has a substantial body of pending intellectual property around miRNAs developed by its own scientists as well as in-licensed from other institutions. Mirna’s IP portfolio contains >300 miRNAs with applications in oncology and other diseases. Oncology-directed miRNAs include those that are key tumor suppressors in cancer, such as miR-34 and let-7 that have proven to block tumor growth in a number of different pre-clinical animal studies. The Company, founded in 2007, is located in Austin, Texas. For more information, visit www.mirnarx.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 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 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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