Worcester-based RXi Pharmaceuticals Corp. reported a net loss of $2.6 million for the first quarter.
The company, which spun off from former parent CytRx and went public in mid-March, reported a net loss of $1.4 million for the first quarter of 2007. The company reported $9.8 million in cash-on-hand for the quarter compared to $11.7 million in cash for the same period a year ago.
The company said increased spending on research and development, as well as increased administrative and legal costs related to becoming a publicly-traded company contributed to the greater net loss.
RXi was founded by University of Massachusetts researcher and Nobel Prize laureate Craig Mello. The company is developing RNAi-based therapies for various diseases. RNAi works by silencing genes that are thought to cause diseases. Mello’s Nobel Prize was for the co-discovery of RNAi.
