Revenue Gain, More Losses At RXi
RXi Pharmaceuticals of Westborough, which is pursuing approval of a drug aimed at minimizing post-surgical scarring, saw a 61-percent year-over-year increase in revenue for the third quarter, although it posted another loss, the biotech startup reported today.
RXi took in revenue of $92,000 for the quarter, but also lost $2.1 million, which was deeper than the $1.6 million loss it reported in the third quarter of 2012.
But for the first nine months of this year, RXi has taken in $370,000 in revenue, a jump of nearly sevenfold over the $57,000 it had taken in during the same span last year. And, in the first half of the year, the company also improved its asset base, which rose nearly threefold from $5.6 million to $16.2 million.
During the third quarter, RXi saw positive data in its second initial-phase study of RXI-109, which would reduce post-surgical scarring. The company said it has enrolled test subjects for the second phase of testing.
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