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PhaseRx Appoints Richard P. Rieger Vice President, Business Development


March 29, 2011 - SEATTLE, WA

PhaseRx, Inc., a privately held RNAi delivery technology company, announced today that Richard P. Rieger has joined the company as Vice President, Business Development, effective immediately. Rieger brings over 25 years of management consulting and corporate development experience to PhaseRx from the pharmaceutical, biotechnology and high-tech industries.

As a member of PhaseRx' management team reporting to Robert Overell, President and CEO, Rieger will have primary responsibility for establishing strategic partnerships that maximize the value of PhaseRx' RNAi delivery technology as an enabling system for pharmaceutical development. The PhaseRx system offers significant advantages: effective intracellular RNAi delivery, broad applicability and consistency with pharmaceutical development standards.

"Richard's experience in franchise development across therapeutic categories will be integral to our success as we seek to form licensing and partnership agreements that maximize the value of our proprietary, breakthrough RNAi delivery technology," said Robert Overell, Ph.D., President and CEO of PhaseRx, Inc. "Specifically, Richard will be instrumental in our ongoing efforts to establish a portfolio of licensing transactions that will both enable partners' RNAi development programs and allow us to establish a pipeline of proprietary drug candidates."

Rieger joins PhaseRx from L.E.K. Consulting's Life Sciences & Medical Technology practice, where he has worked since 2006 as Senior Engagement Manager leading more than 50 strategic engagements involving licensing/M&A, commercial planning and portfolio development. From 2004 - 2006, Rieger was Vice President, Business Development of Dendreon Corporation, where he played a leadership role in partnering initiatives for Provenge. Prior to Dendreon, Rieger spent nearly a decade at Abbott Laboratories, where he held positions of increasing responsibility in Corporate Development and Strategic Marketing. Previously, Rieger worked for APM Management Consultants and IBM Corporation where he began his career. Rieger earned an MBA in Finance and Business Policy with honors from the University of Chicago's Booth School of Business and a BS in Electrical Engineering from the University of Notre Dame.

About PhaseRx

PhaseRx, Inc., a privately held RNAi delivery technology company, is focused on the development of RNAi therapeutics, a new class of pharmaceuticals with significant market potential, which has been hindered to date by the lack of effective delivery technology. PhaseRx was founded to solve a critical challenge in RNAi delivery: the need for a versatile, developable system that can be administered systemically and deliver RNAi drugs into the cell where they can reach and inhibit the drug targets. PhaseRx is deploying an integrated delivery system based on novel synthetic polymers that delivers RNAi drugs into the cytoplasm where they can reach and inhibit the desired target of interest. This proprietary delivery system represents a breakthrough technology for the development of RNAi-based drugs. For more information about PhaseRx, please visit www.phaserx.com.

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Contacts:

Robert Overell, Ph.D.
President and CEO
PhaseRx, Inc.
206-805-6301

Media:
Kimberly Kraemer
Kraemer & Company
415-939-9033

MarketWire

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