SAN DIEGO--(BUSINESS WIRE)--Ignyta, Inc. (OTCBB: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.
This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to novel technologies and methods; our business and product development plans; or market information. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, our ability to complete a financing that will allow the license agreement to become effective; our ability to raise the additional funding we will need to continue to pursue our business and product development plans; the inherent uncertainties associated with developing new products or technologies and operating as a development stage company; our ability to develop, complete clinical trials for, obtain approvals for and commercialize any of our product candidates; competition in the industry in which we operate and market conditions. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents we file with the SEC available at www.sec.gov, including without limitation our Current Report on Form 8-K dated October 31, 2013.