Healthcare Industry News: iroxanadine
News Release - September 6, 2007
CytRx Subsidiary RXi Pharmaceuticals Names Life Science Veteran Stephen J. DiPalma Chief Financial OfficerLOS ANGELES--(HSMN NewsFeed)--CytRx Corporation's (NASDAQ:CYTR ) majority-owned subsidiary RXi Pharmaceuticals Corporation (RXi) today announced the appointment of Stephen J. DiPalma as Chief Financial Officer. The Company also announced the planned departure of James Warren to pursue other opportunities.
"We welcome Steve DiPalma to the RXi management team. Steve is an accomplished veteran who brings over 20 years of financial, operations and business development experience in early-stage life science companies, including broad financial and strategic management in both private and public companies. We intend to call upon his significant expertise to assist RXi in reaching our corporate goal of developing and commercializing proprietary RNAi therapeutics," said Tod Woolf, Ph.D., RXi's President and CEO. "I would like to thank Jim Warren for his valuable contributions to RXi during our formation period, first as a consultant and later as Chief Financial Officer."
Most recently, Mr. DiPalma was co-founder, President and Chief Executive Officer of Catalyst Oncology, Inc., a company providing cost-effective personalized medicine solutions to the oncology market, which was recently merged with a public diagnostics company. Prior to Catalyst, he served as Chief Financial Officer at Milkhaus Laboratory, a clinical stage drug development company, where he was instrumental in business development, strategic planning, finance and accounting, with a focus on capital strategies. He also served as Chief Financial Officer at Phytera, Inc., an international biopharmaceutical company.
Among Mr. DiPalma's past accomplishments, he served as Chief Financial Officer of publicly traded Aquila Biopharmaceuticals during that firm's successful turnaround. Additionally, he co-founded and served as Chief Financial Officer of Athena Diagnostics, Inc., a premier specialty reference laboratory providing innovative tests for neurological disorders.
Mr. DiPalma holds an M.B.A. from Babson College and a B.S. in business administration from the University of Massachusetts at Lowell. He is a member of the Financial Executives Institute, Financial Executives Networking Group, Association for Corporate Growth and the National Investor Relations Institute.
About CytRx Corporation
CytRx Corporation is a biopharmaceutical research and development company engaged in the development of high-value human therapeutics. The Company owns three clinical-stage compounds based on its small molecule "molecular chaperone" amplification technology. In September 2006, CytRx announced that arimoclomol was shown to be safe and well tolerated at all three doses tested in its Phase IIa clinical trial in patients with ALS. The Company plans to enter a Phase IIb clinical trial with arimoclomol in ALS in 2007, subject to U.S. Food and Drug Administration (FDA) clearance. The FDA has granted Fast Track designation and Orphan Drug status to arimoclomol for the treatment of ALS, which has also been granted orphan medicinal product status for the treatment of ALS by the European Commission. The Company has announced plans to commence a Phase II clinical trial for arimoclomol in stroke recovery in the first half of 2008, subject to FDA clearance. The Company has also announced plans to commence a Phase II clinical trial with its next drug candidate, iroxanadine, for diabetic foot ulcers in the first half of 2008, subject to FDA clearance. In addition, the Company has opened a research and development facility in San Diego. For more information on the Company, visit www.cytrx.com.
About RXi Pharmaceuticals Corporation
Worcester, Massachusetts-based RXi Pharmaceuticals Corporation, a majority-owned subsidiary of CytRx, is a biopharmaceutical research and development company that focuses on developing RNAi-based therapeutics for the treatment of human disease. RXi's initial focus is on neurodegenerative diseases, oncology, type 2 diabetes and obesity. RXi has licenses to a diverse series of early patents and patent applications that were filed from 1998 to 2006 in the areas of RNAi target sequences, RNAi chemistry and RNAi delivery. RXi was founded by CytRx and RNAi pioneers Craig C. Mello, Ph.D., 2006 Nobel Laureate for discovering RNAi and inventing RNAi therapeutics; Tariq M. Rana, Ph.D., inventor of fundamental technology for stabilizing RNAi and of RNAi nanotransporters; Greg Hannon, Ph.D., discoverer of RNAi mechanism (RISC) and short hairpin RNAi (shRNAi); and Michael P. Czech, Ph.D., a leader in the application of RNAi to diabetes and obesity. RXi's CEO, Tod Woolf, Ph.D., previously co-invented and commercialized STEALTH(TM) RNAi, one of the most widely used second-generation RNAi research products.
This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties described in CytRx's most recently filed SEC documents, such as its most recent annual report on Form 10-K and any current reports on Form 8-K filed since the date of the last Form 10-K. All forward-looking statements are based upon information available to CytRx on the date the statements are first published. CytRx undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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