Over the past year, RXi Pharmaceuticals (RXi) has made significant headway with its pipeline as well as in securing partnerships. Its lead compound RXI-109 is in Phase II in dermatological scarring and is entering the clinic this year in retinal scarring in wet AMD. Phase II dermatology treatment Samcyprone was in-licensed, while a deal was struck with MirImmune for the out-licensing of its proprietary sd-rxRNA technology. We expect the company’s budding pipeline, recently simplified shareholder structure and deal-oriented strategy will continue to garner renewed investor attention and share price momentum. We value RXi at $91m or $1.40 per share.