RXi Loss Shrinks
RXi Pharmaceuticals Corp. of Worcester reported a $3 million net loss for the third quarter compared to a loss of $3.4 million a year ago.
The development-stage company’s net loss for the nine months ended Sept. 30 increased from $10.3 million last year to $12.2 million.
RXi spent $2.1 million on research and development during the quarter compared to $1.2 million last year. The increase was due to greater staff costs as the company hired additional researchers.
Cash and equivalents fell to $9 million from $9.9 million a year ago.
Also during the quarter, the company hired Noah D. Beerman as president and CEO. Beerman took over for company co-founder Tod Woolf in a “planned succession of leadership” as the company moves from the research stage to the product development stage.
RXi is developing pharmaceuticals based on RNA interference, a technology that treats diseases by interfering with the genes thought to be responsible for those diseases.
WBJ Web Partners
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