RXi Pharmaceutics extends runway in Q2
Photo | Brad Kane
Geert Cauwenbergh, president and CEO, RXi Pharmaceuticals Corp., Marlborough.
Despite reporting just $58,000 in second-quarter revenues, Marlborough drugmaker RXi Pharmaceuticals was able to significantly reduce its net loss, reduce its cash burn and extend its runway.
The company now has $5.3 million in cash assets, compared to $3.6 million at the end of 2017.
For the quarter, the company reported a net loss of $1.9 million, down from $2.5 million in the second quarter 2017. For the year, the company lost $4.1 million, down from $8 million in the first half of 2017.
The company reduced its quarterly operating expenses by more than 28 percent. For the year, operating expenses are down more than 127 percent to just $4.2 million from $9.6 million for the first six months of 2017.
The decreases come as the company eyes to remake itself to focus on immuno-oncology and adaptive transfer therapy and eyes the sale of its dermatology and ophthalmology businesses and that intellectual property.
“We would expect the execution of such an agreement to provide us with non-dilutive cash that could extend our financial runway significantly,” President and CEO Geert Cauwenbergh said in a statement.
The company also announced in the quarter positive results from clinical trials for those businesses which should help strengthen the status of those assets to interested companies.
In addition to internal development programs, the company has begun global partnerships to help advance its RNA platform to treat cancer and even saw its sd-rxRNA compound potential to improve cancer therapy published in scientific journal Molecular Therapy.
To help extend the life of the business, RXi landed several significant investments totaling a private placement of $4.2 million worth of shares and another $1.3 million investment that could include another $13 million.
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