Traders seem trigger happy on this news

|By:, SA News Editor

Maybe traders are just desperate for any shred of good news but shares of pico cap RXI Pharmaceuticals (RXII +27.4%) pop in modestly higher volume after its report of positive results in a preclinical study on monkeys.

Investigators injected the company's anti-scarring drug RXI-109 into the eyes of cynomolgus monkeys to assess its effect on connective tissue growth factor (CTGF) proteins as part of a dose range-finding study.

Seven days after injection, whole eye sections were collected (ouch), tissue samples were affixed to slides and stained and then quantified by digital image analysis. Scientists observed reductions in CTGF proteins in a dose-dependent manner. The firm states that the results open up a possible development avenue for a topical form of RXI-109 to combat corneal scarring. This may be but there is a colossal amount of work yet to be done.

RXI-109 is an sd-rxRNA that targets the mRNA of CTGF, a gene known to modulate fibrosis and scar formation. Two Phase 2 trials are underway to assess its safety and effectiveness in scar revision surgeries.