RXi Pharmaceuticals Grows at Gateway Park, Extends Lease

Company co-founded by Nobel Laureate Craig Mello, Ph.D., adds staff and grows its research programs based on RNAi

WORCESTER, Mass. Feb. 10, 2009 -- RXi Pharmaceuticals (Nasdaq: RXII) a biopharmaceutical company pursuing the development and commercialization of therapeutics based on RNA interference (RNAi) for the treatment of human diseases, has expanded its operation at Gateway Park and extended its lease at the park for two years.

The company, which moved to Worcester Polytechnic Institute’s (WPI) Life Sciences and Bioengineering Center at Gateway Park in December of 2007, has since added staff and taken additional space at the park to accommodate its growing research and development programs. The two-year extension on RXi’s lease (executed on January 23, 2009) is effective through August of 2011. “We are very pleased with the extension of our lease at Gateway Park,” commented Tod Woolf, Ph.D., President and CEO of RXi Pharmaceuticals. “Gateway Park is one of the most inviting locations for scientific research in Massachusetts with its collaborative scientific and business nature. The shared core equipment and resources as well as the favorable lease terms give us the flexibility to grow our business.”

In addition to the lease extension for their current facilities, RXi maintains an option to move into the next life sciences building planned to be built at Gateway Park. “We are happy to see RXi growing here at Gateway Park,” said D’Anne Hurd, vice president for business development at Gateway Park and general counsel at WPI. “The synergies that arise when life sciences companies work alongside WPI’s academic researchers are at the heart of Gateway Park. RXi’s presence here also underscores Worcester’s position as one of the leading centers of RNAi research and therapeutics development in the world.”

About Gateway Park

Gateway Park is a joint venture of Worcester Polytechnic Institute (WPI) and the Worcester Business Development Corporation (WBDC). Located in Worcester, near the intersection of I- 190 and I-290, Gateway Park is designed as an 11-acre, mixed-use destination for life sciences companies and the people who work for them. The project includes five buildings totaling 500,000 square feet of flexible, adaptable lab and office space designed to meet the needs of research organizations and growing companies; 241,000 square feet of market rate, loft condominiums; and several planned retail establishments. WPI is also exploring the possibility of graduate student housing on one of the sites. Gateway Park is part of the larger 55-acre Gateway Redevelopment District, and it is the anchor of the first Growth District designated by the Commonwealth of Massachusetts for life sciences and related economic development.
www.gatewayparkworcester.com

About RXi Pharmaceuticals Corporation

RXi Pharmaceuticals is a discovery-stage biopharmaceutical company pursuing the development and potential commercialization of proprietary therapeutics based on RNA interference (RNAi) for the treatment of human diseases. RXi Pharmaceuticals' rxRNA(TM) compounds are distinct from the siRNA compounds used by many other companies developing RNAi therapeutics and are very active and potent (10-100pM activity in cell culture) based on the company's internal research, in addition to being nuclease resistant and readily manufactured. RXi Pharmaceuticals believes it is well positioned to compete successfully in the RNAi-based therapeutics market with its accomplished scientific advisors, including Dr. Craig Mello, recipient of the 2006 Nobel Prize for his co-discovery of RNAi; a management team that is experienced in developing RNAi products; and a strong early intellectual property position in RNAi chemistry and delivery.
www.rxipharma.com

About Worcester Polytechnic Institute

Founded in 1865 in Worcester, Mass., WPI was one of the nation's first engineering and technology universities. WPI's14 academic departments offer more than 50 undergraduate and graduate degree programs in science, engineering, technology, management, the social sciences, and the humanities and arts, leading to bachelor’s, master’s and PhD degrees. WPI's world-class faculty work with students in a number of cutting-edge research areas, leading to breakthroughs and innovations in such fields as biotechnology, fuel cells, and information security, materials processing, and nanotechnology. Students also have the opportunity to make a difference to communities and organizations around the world through the university's innovative Global Perspective Program. There are more than 20 WPI project centers throughout North America and Central America, Africa, Australia, Asia, and Europe.
www.wpi.edu