CytRx , the Los Angeles-based parent of Worcester’s RXi Pharmaceuticals reported a net loss of $21.9 million for 2007 compared to a loss of $17.2 million the year before.
The company reported 2007 revenue of $7.5 million compared to 2006 revenue of $2.1 million.
The company said its research and development expenses had nearly doubled from $9.8 million in 2006 to $18.8 million in 2007. The increase was driven by the cost of technology acquired by RXi from the University of Massachusetts Medical School and CytRx’s drug development and clinical trial activities.
RXi also drove increases in CytRx’s general and administrative expenses. The company saw a $900,000 increase in legal fees related to RXi’s registration of common stock, increased patent work, license negotiations, consulting and financial transactions.
RXi also pushed the company’s employee recruitment expenses up by $700,000, the company said.
CytRx said it finished 2007 with $60.4 million in cash and short-term investments compared to $30.4 million the prior year.
RXi is developing RNAi-based drugs for the treament of chronic diseases. The company was founded by Craig Mello, winner of the Nobel Prize in medicine.
