RXi Gains Revenue, Loses $14M
Biotech startup RXi Pharmaceuticals of Westborough, which is pushing ahead with clinical trials for its first product, reported a $14.4-million loss during the first quarter, but saw $100,000 in revenue, compared with no revenue during the first quarter of 2012.
RXi, which is focused on discovering and developing therapies using gene-related technologies, said most of the loss was primarily tied to a one-time charge of $12.3 million related to the fair value of common shares issued to OPKO Health Inc. for the purchase of nearly all of its assets tied to RNA interference, a biological process that inhibits gene expression.
The revenue, meanwhile, was realized after the company completed work tied to government grants.
But RXi's cash position grew nearly fourfold over the quarter, from $5.1 million at the end of last year to $19.6 million at the end of the first quarter.
Geert Cauwenbergh, the company's CEO, called the quarter "good," with "steady progress, in line with our planning and budget." He said RXi is nearing the end of the Phase 1 clinical trial for its first product, an anti-scarring compound called RXi-109. He also said the company has been able to significantly strengthen its cash position by attracting new investors, which include OPKO Health.
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