RXi Pharmaceuticals cuts losses in Q1
RXi Pharmaceuticals Corp., a clinical-stage biotechnology company based in Marlborough, narrowed its net loss to $2.28 million in the first quarter, down from $14.39 million a year earlier.
RXi said in an earnings statement that the net loss was smaller in the quarter ending March 31 because of a one-time charge of $12.3 million last year for the purchased of biotech company OPKO Health Inc.’s RNAi-related assets. This brought the net less for shareholders down to 32 cents per share, compared with $2.76 in the first quarter of 2013. Meanwhile, revenue decreased to $29,000, compared with $53,000 a year earlier.
RXi is developing technology designed to reduce post-surgical scarring and other skin conditions, and is currently conducting its second Phase 2 study of its RXI-109 therapy meant to treat fibrotic skin conditions where excess connective tissues form, according to a statement.
In April, RXi announced it had entered into a purchase agreement with Chicago-based investment firm Lincoln Park Capital LLC. Lincoln Park agreed to purchase up to $20 million of shares in the company’s common stock, with an initial investment worth $2 million.
“The availability of the financing…with Lincoln Park Capital LLC has provided us with the necessary financial bandwidth to accelerate the development of our ophthalmology franchise, which should yield additional interesting data that could contribute to the growth of our company,” RXi President and CEO Geert Cauwenbergh said in a statement.
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