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Marlborough drugmaker completes $2.7M Cambridge purchase

January 11, 2017
WBJ File
WBJ File
Geert Cauwenbergh, the President and CEO of RXi Pharmaceuticals, said that the ultimate goal of the company is to work toward more tolerable treatment for cancer patients and that this acquisition would assist with that.

Marlborough drugmaker RXi Pharmaceuticals Corp. has completed its purchase of Cambridge cancer treatment company MirImmune Inc.

RXi announced Monday it will pay MirImmune shareholders 3.85 million shares of the company's stock, which is currently valued at 70 cents per share.

The purchase gives RXi a unique cell therapy platform strategy, which will be a competitive advantage in the marketplace, RXi President and CEO Geert Cauwenbergh said.

In December, RXi completed an $11.5-million public offering of its stock, which was used to fund the MirImmune purchase, along with funding the company's clinical trials.