SAN DIEGO, CA, USA I november 1, 2013 I Ignyta, Inc. (IGASD), an oncology precision medicine biotechnology company, announced today its successful completion of a reverse merger with Infinity Oil & Gas Company. The combined company will focus solely on the business of Ignyta. The reverse merger was effected on October 31, 2013. Beginning November 1, 2013, Ignyta will trade under the symbol “IGASD” on the OTCBB until on or about December 2, 2013, when it will begin to be quoted under the symbol “RXDX” on the OTCBB.
Ignyta also announced its entry into a license agreement with Nerviano Medical Sciences (Nerviano) that will grant Ignyta exclusive global development and marketing rights to RXDX-101, a tyrosine kinase inhibitor directed to the TrkA, ROS1 and ALK proteins, which is in a Phase I/II clinical study in molecularly defined patient populations for the treatment of solid tumors; and RXDX-102, a tyrosine kinase inhibitor directed to the Trk family tyrosine kinase receptors, TrkA, TrkB and TrkC, which is currently in preclinical development for the treatment of multiple cancers. Nerviano is a former Pfizer/Pharmacia oncology discovery site in Italy, and one of the leading kinase discovery research organizations in the world.
Under the terms of the license agreement, which will become effective upon Ignyta’s completion of an equity or debt financing resulting in proceeds of at least $20 million, Ignyta will assume sole responsibility for global development and commercialization of RXDX-101 and RXDX-102. Nerviano will be entitled to receive certain upfront and milestone payments, as well as tiered royalty payments on future net sales of RXDX-101 or RXDX-102.
About Ignyta, Inc.
Ignyta, Inc., located in San Diego, California, is a biotechnology company developing precision medicine with integrated Rx/Dx solutions for cancer patients. Our goal is to discover and develop revolutionary new drugs that target activated genes in cancer cells for the customized treatment of cancer patients. Our present focus is on the development of RXDX-101 and RXDX-102, our proprietary oral tyrosine kinase inhibitors that target solid tumor indications, and advancing other discovery-stage programs that leverage our proprietary cancer genomic and epigenomic knowledge bases. For more information, please visit: www.ignyta.com.
SOURCE: Ignyta
Post Views: 351
SAN DIEGO, CA, USA I november 1, 2013 I Ignyta, Inc. (IGASD), an oncology precision medicine biotechnology company, announced today its successful completion of a reverse merger with Infinity Oil & Gas Company. The combined company will focus solely on the business of Ignyta. The reverse merger was effected on October 31, 2013. Beginning November 1, 2013, Ignyta will trade under the symbol “IGASD” on the OTCBB until on or about December 2, 2013, when it will begin to be quoted under the symbol “RXDX” on the OTCBB.
Ignyta also announced its entry into a license agreement with Nerviano Medical Sciences (Nerviano) that will grant Ignyta exclusive global development and marketing rights to RXDX-101, a tyrosine kinase inhibitor directed to the TrkA, ROS1 and ALK proteins, which is in a Phase I/II clinical study in molecularly defined patient populations for the treatment of solid tumors; and RXDX-102, a tyrosine kinase inhibitor directed to the Trk family tyrosine kinase receptors, TrkA, TrkB and TrkC, which is currently in preclinical development for the treatment of multiple cancers. Nerviano is a former Pfizer/Pharmacia oncology discovery site in Italy, and one of the leading kinase discovery research organizations in the world.
Under the terms of the license agreement, which will become effective upon Ignyta’s completion of an equity or debt financing resulting in proceeds of at least $20 million, Ignyta will assume sole responsibility for global development and commercialization of RXDX-101 and RXDX-102. Nerviano will be entitled to receive certain upfront and milestone payments, as well as tiered royalty payments on future net sales of RXDX-101 or RXDX-102.
About Ignyta, Inc.
Ignyta, Inc., located in San Diego, California, is a biotechnology company developing precision medicine with integrated Rx/Dx solutions for cancer patients. Our goal is to discover and develop revolutionary new drugs that target activated genes in cancer cells for the customized treatment of cancer patients. Our present focus is on the development of RXDX-101 and RXDX-102, our proprietary oral tyrosine kinase inhibitors that target solid tumor indications, and advancing other discovery-stage programs that leverage our proprietary cancer genomic and epigenomic knowledge bases. For more information, please visit: www.ignyta.com.
SOURCE: Ignyta
Post Views: 351
