RXi cuts losses amid slight revenue rise
RXi Pharmaceuticals of Marlborough, which is pushing toward regulatory approval of its signature anti-scarring drug, saw a slight increase in revenue and cut its losses in the first quarter, the company said Wednesday.
RXi, whose anti-scarring drug RXI-109 is in its second phase of clinical trials, took in $34,000 in revenue for the quarter that ended March 31. That represented a jump of $5,000 over the first quarter of 2014. Meanwhile, the company reported a $3.13 million net loss, but that was down about 22.5 percent from the $4.04 million loss in the same quarter last year.
But RXi touted a completed global licensing agreement for a second drug, Samcyprone, which treats warts, alopecia and some forms of malignant melanoma. The drug, which secured “orphan” status last month from the U.S. Food and Drug Administration, “allows us to drive this program forward and further broadens our clinical pipeline,” CEO Geert Cauwenbergh said in a statement.
Also during the quarter, RXi entered into an exclusive license agreement with MirImmune LLC for use of RXi’s self-delivering rxRNA (sd-rxRNA) technology to develop some cancer immunotherapies.
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