Acquisition drives RXi $5.5M loss
RXi Pharmaceuticals reported a first quarter loss of $5.5 million, as the company dealt with increasing research and development costs following a January acquisition.
The Marlborough clinical-stage company had cash of $10.2 million on hand as of March 31, which it said is enough to fund operations for at least the next year.
Although both research and development and general and administrative expenses were fairly consistent compared to the same quarter the year before, the company added $3 million in in-process research and development expenses due to its acquisition of MirImmune Inc., which developed cancer immunotherapies. That led to the $5.5-million loss in the first quarter, a drop from $2.2 million in the same time period last year.
The company added two new members to its executive team in the first quarter. Alexey Eliseev joined RXi as chief business officer, and Gerrit Dispersyn is now chief development officer. Dispersyn replaced Pamela Pavco, who announced her retirement and will stay on as part of RXi’s Scientific Advisory Board.
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