November 10, 2008
CytRx Loss Grows
CytRx Corp., the California company that owns 45 percent of Worcester's RXi Pharmaceuticals Corp., lost $12.3 million in the third quarter, up from $4.6 million for the same period last year.
The company said the increased loss was mostly a result of $8 million in research and development costs related to its acquisition of Innovive Pharmaceuticals Inc., which develops oncology drugs.
Revenue for the third quarter dropped to $917,000, from $2 million in the third quarter of 2007.
CytRx said it is continuing to look for new strategic partnerships, as well as to strengthen its own drug development efforts.
CytRx was RXi's parent company before RXi went public last spring.
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