RXi Pharmaceuticals this week announced that it is looking to move its stock off of the over-the-counter bulletin boards, where it has traded since the firm was spun out of former parent company Galena Biopharma, and back onto the Nasdaq.
Concurrent with its application to trade on the Nasdaq Capital Market, RXi said it is undertaking and 1-for-30 reverse stock split of its issued and outstanding shares of common stock.
“If approved, we believe that the Nasdaq listing and the reverse stock split will create the conditions for RXi to gain access to a broader institutional investment community, to strengthen our financing flexibility, and to provide greater liquidity for our shareholders,” RXi President and CEO Geert Cauwenbergh said in a statement.
RXi was founded in 2007 as a Nasdaq-listed RNAi drug developer following its spin out from CytRx. In 2011, the company was acquired by peptide-based immunotherapy firm Apthera, which later changed its name to Galena.
Later that year, Galena made RXi a subsidiary with plans to spin it out into an independent company once again. Notably, Galena held onto RXi’s Nasdaq listing, leaving RXi to trade as a penny stock on the OTC exchange after it was spun out.