RNAi developments by Alnylam, CytRx Highlight Tuesday's Biotech News

Health and Healthcare

Published: January 10, 2007 3:59 am

by H.S. Ayoub
BioHealth Investor.com

The Nasdaq Biotechnology Index ( ^NBI) gained slightly on Tuesday ending the trading session at $807.34.

Alnylam Pharmaceuticals (ALNY) gained almost 9% on the day after the company announced it has taken a worlwide exclusive license to use Inex Pharmaceuticals’ (IEX.TO) liposomal delivery formulation technology for discovery and development of RNA Interference (RNAi) products. The deal also allows Inex to develop its own RNAi based products.

Not to be outdone, CytRx Corp (CYTR) jumped more than 15% as the company announced it had established a new subsidiary dedicated to RNAi technology research. RXi Pharmaceuticals will be lead by top notch scientists including Nobel Prize winner, for his work on RNAi research, Dr. Craig C. Mello.

Shares of AtheroGenics (AGIX) tumpled more than 10% following the company’s decision to delay the release of data from its phase III clinical trial results of AGI-1067 for the treatment of coronary artery disease. The company was slated to present the data at the J.P. Morgan Healthcare Conference on Wednesday afternoon, but instead it will make the presentation in March at the American College of Cardiology meeting.

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