RXi Pharmaceuticals and miRagen Therapeutics Announce Formation of Research Collaboration in the Field of microRNA

April 12, 2010

WORCESTER, Mass. & BOULDER, Colo.--(BUSINESS WIRE)--RXi Pharmaceuticals Corporation (Nasdaq: RXII), a biopharmaceutical company pursuing the development and commercialization of proprietary therapeutics based on RNA interference (RNAi), and miRagen Therapeutics, Inc., a biopharmaceutical company focused on improving patients’ lives by developing innovative microRNA (miRNA)-based therapeutics for cardiovascular and muscle disease, announced today that they have entered into a research collaboration. Under this agreement, the parties will evaluate the potential utility of RXi’s proprietary rxRNA™ technology against specific miRNA targets of interest to miRagen in the cardiac and neuromuscular disease areas. Each party will contribute its technology and resources to the collaboration to generate novel miRNA compounds. Financial terms of the collaboration were not disclosed.

 “miRNAs, which are natural RNAi triggers, have been recently implicated in a variety of human diseases, including cancer, inflammation, as well as metabolic and cardiovascular disorders,” said Noah Beerman, President and Chief Executive Officer of RXi. “We look forward to working with miRagen in exploring the potential of validating our proprietary rxRNA compounds in the field of miRNA, as success with this approach may allow us to expand the utility of RXi’s therapeutic platform, as well as the commercial scope of product opportunities.“

“miRagen is committed to evaluating and deploying the most advanced technologies available to support our mission of developing microRNA-based therapeutics,” said William S. Marshall, Ph.D., President and CEO of miRagen Therapeutics. “We are enthusiastic about the potential for the rxRNA technology to produce miRNA mimicry and thus are keenly interested in working with RXi to further investigate its properties.”

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 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 miRagen Therapeutics

miRagen Therapeutics, Inc., was founded in 2007 to develop innovative microRNA-based therapeutics for cardiovascular and muscle disease. Only recently discovered, microRNAs are short, single-stranded RNA molecules encoded in the genome that regulate gene expression and play a vital role in influencing cardiovascular and muscle disease. Cardiovascular disease is the leading cause of death globally and represents an enormous burden on global healthcare systems. Principally funded through venture capital investments, miRagen combines world recognized leadership in cardiovascular medicine with unprecedented in-house expertise in microRNA biology and chemistry. For more information, please visit www.miragentherapeutics.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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