RNAi developments by Alnylam, CytRx Highlight Tuesday’s Biotech News

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By Douglas A. McIntyre Published
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by H.S. Ayoub
BioHealth Investor.com

The Nasdaq Biotechnology Index ( ^NBI) gained slightly on Tuesday ending the trading session at $807.34.

Alnylam Pharmaceuticals (ALNY) gained almost 9% on the day after the company announced it has taken a worlwide exclusive license to use Inex Pharmaceuticals’ (IEX.TO) liposomal delivery formulation technology for discovery and development of RNA Interference (RNAi) products. The deal also allows Inex to develop its own RNAi based products.

Not to be outdone, CytRx Corp (CYTR) jumped more than 15% as the company announced it had established a new subsidiary dedicated to RNAi technology research. RXi Pharmaceuticals will be lead by top notch scientists including Nobel Prize winner, for his work on RNAi research, Dr. Craig C. Mello.

Shares of AtheroGenics (AGIX) tumpled more than 10% following the company’s decision to delay the release of data from its phase III clinical trial results of AGI-1067 for the treatment of coronary artery disease. The company was slated to present the data at the J.P. Morgan Healthcare Conference on Wednesday afternoon, but instead it will make the presentation in March at the American College of Cardiology meeting.

http://www.biohealthinvestor.com/

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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