RXi grows 4Q revenue, cuts losses
RXi Pharmaceuticals of Marlborough, which is pushing toward federal approval of its initial products, saw 8.3-percent revenue growth in the final quarter of 2014 while paring its quarterly loss over the fourth quarter of 2013.
RXi, which is seeking approval of a drug that would reduce the formation of post-surgical scars, lost $2.76 million during the quarter on revenue of $1.56 million. In the fourth quarter of 2013, the company brought in $1.44 million in revenue and lost $3.72 million.
For the full year, RXi brought in $5.68 million in revenue, down nearly 68 percent over 2013. Net losses decreased substantially, from $29.5 million in 2013 to $12.93 million last year.
During the fourth quarter, RXi completed enrollment of subjects for the Phase 2a clinical study of RXi-109, the anti-scarring drug while also getting the first results from that study. In a statement, President and CEO Geert Cauwenbergh said the company is “well positioned” to keep growing in 2015, while focusing on keeping as much of its $8.5 million in cash as possible. That amount is down nearly 25 percent from the $11.39 million the company held at the end of 2013. Cauwenbergh said the cash “burn” for RXi is in line with expectations for a biotechnology firm “that is in mid-stage development with its first two products.”
The other product, Samcyprone, is also in Phase 2 trials. It is being evaluated as a potential treatment for warts and to prevent the spread of malignant melanomas. In December, RXi acquired the licensing rights to the drug.
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