NEW YORK (GenomeWeb News) - RXi Pharmaceuticals has signed a three-year agreement with the University of Massachusetts Medical School that will allow the company to license all unrestricted therapeutic RNAi technology the school develops during that period, RXi parent company CytRx said today.
RXi said it licensed the UMMS technology for a combination of "cash and equity." Details of the financial terms were not provided.
The company said UMMS has disclosed new, unrestricted RNAi technologies, and that the agreement gives it the right to negotiate “on an exclusive basis" with UMMS to obtain a license for worldwide use of the technology "on commercially reasonable terms."
The option rights depend upon RXi's receipt of working capital funding in the coming months, the company added.