Adding to the difficulty in raising funds, there has also been an increase in the number of companies operating in the miRNA space in recent years, many of which are on the lookout for their share of available investment dollars.
The expected size of the round is not being disclosed. The financing will be "just enough to support a couple programs moving forward and the continued operations of the company," Miragen President and CEO Bill Marshall said.
While RXi continues to bill itself as an RNAi drug developer, a company official indicated this week that the firm may expand its focus into the miRNA field as it works to meet its goal of defining its areas of therapeutic interest by the end of the second quarter.
Miragen Therapeutics, which holds the rights to the discovery, is interested in seeing the work advance. But a company official said that development of a miRNA-targeting drug for ALS would likely only occur in earnest with a partner.