RXi Reports 2012 Financials
In announcing 2012 financial results for Westborough-based RXi Pharmaceuticals, President and CEO Dr. Geert Cauwenbergh called the company's progress since being spun off from Galena Biopharma in April "remarkable" and execution of its plan "near flawless."
Net loss for the year ended Dec. 31 was $12.9 million, up from a loss of $10.2 million in 2011. RXi said the increase was mostly due to a one-time charge of $6.2 million related to the fair value of common shares issued for patent rights. It was partially offset by a $3.5-million decrease in general and administrative expenses over the year, which the company said was due to lower personnel-related costs, including a decrease in legal expenses and the use of outside professional services and consultants.
The company took in $97,000 in 2012, improving on the previous year in which it reported no revenue. RXi said the year's revenue was from completed work involving government grants.
"I am proud of the hard work done by our employees, and am convinced that their work ethic has been instrumental in enabling us, in the first quarter of 2013, to acquire substantially all of the siRNA assets of OPKO while also having OPKO, Frost Gamma Investments Trust and other premier investment funds become shareholders of RXi through a private placement," Cauwenbergh said in a statement. "This financing will provide us with the necessary cash to comfortably move RXI-109 into Phase 2 clinical trials."
During the fourth quarter of last year, RXi began a Phase 1 clinical trial of its anti-scarring drug RXI-109.
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