RXi Pharmaceuticals to change name as it eyes cancer market
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Geert Cauwenbergh, the president and CEO of RXi Pharmaceuticals.
Marlborough startup drugmaker RXI Pharmaceuticals now has a runway extending into 2020 as the company continues to reinvent itself and rebrand into a pharmaceutical firm focused on fighting cancer.
As part of that effort, the company is changing its name to Phio Pharmaceuticals as it continues to develop its sd-rxRNA platform in its quest to develop cancer-fighting drugs.
That name change is expected to become official in the coming week, the company said.
Also part of the rebranding comes the appointment of a new president and chief operating officer, Gerrit Dispersyn, previously the company’s chief development officer.
CEO Geert Cauwenbergh said in a press release Dispersyn has shown a remarkable aptitude in handling the complexities of preclinical and clinical work.
The company ended the third quarter with just $3.2 million in cash on its balance sheet, but made $13.3 million from a public offering in early October by selling more than 20 million shares.
In the earnings report, RXi said ti has enough cash to fund operations through the first half of 2020, including the beginning of a clinical trial and advancing its cancer-fighting platform toward clinical development.
The company slashed its spending to reduce its cash burn rate, as its net loss in the quarter was $1.5 million compared to $2.5 million a year ago.
For the year, the company reported a loss of $5.6 million, a decrease from the $10.5 million it lost at this point last year.
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