Tuesday, September 27, 2011

Galena Biopharma Gets $2.5M, Sets Up Shop In Portland

Galena Biopharma, a new company borne out of the split of Worcester, Mass-based RXi Pharmaceuticals, said yesterday that it has set up shop in Portland, and received $.5M in an institutional funding round. RxI Pharmaceuticals, a publicly traded firm focused on biotherapeutics, said that it was splitting the firm into two publicly traded firms, Galena Biopharma--focused on targeted cancer therapy--and RXi Pharmaceuticals--developing RNAi therapeutics. The Oregon Bioscience Association said that Galena is relocating to Lake Oswego as a part of the split, due to recruitment efforts from Business Oregon, Oregon Health & Science University and Governor Kitzhaber's recruitment team. The Oregon Bioscience Association said the move will create 15 executive and research jobs in Lake Oswego.