RXi Increases Cash, Narrows Loss In Q2
Worcester-based RXi Pharmaceuticals Corp. reported a second quarter net loss of $4.3 million compared to a net loss of $4.8 million in the same quarter a year ago.
The company said it raised $8.7 million from institutional investors during the quarter. It also spent $1 million less on research and development than it did in the second quarter of 2007. The company said the decrease reflects money spent last year on the acquisition of intellectual property rights.
The company reported cash and investments of $15.1 million for the quarter compared to $11.7 million in cash last year. The company said the increase was due to its issuance of stock.
RXi, which was founded by University of Massachusetts Medical School professor and Nobel Prize winner Craig Mello, is developing pharmaceuticals based on RNA interference.
RNAi stops diseases before they start by blocking them in the genes of patients.
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