RXi reports results for third quarter
Marlborough-based RXi Pharmaceuticals, which is working on a drug to reduce dermal scarring after surgery, reported financial results for the quarter ended Sept. 30.
Total revenues for the three months were $16,000, down from $92,000 in the third quarter of 2013. For the first nine months of the year, revenues totaled $57,000, down from $370,000 last year.
Meanwhile, the clinical-stage biotechnology company had cash, cash equivalents and short-term investments of approximately $10.1 million, compared to $14.4 million as of the end of last year.
Net losses for the quarter were $2.9 million, down from $3.5 million. Year to date, losses are at $10.2 million, down from $25.8 million over the first nine months of 2013.
RXi uses RNA-targeted technologies, building on discoveries by Nobel laureate Dr. Craig Mello and his colleagues related to RNA interference.
"During the quarter, RXi has steadily progressed its clinical development program with RXI-109 to reduce or inhibit scar formation following scar revision surgery. In addition, the Company has identified and synthesized potent new compounds against two important clinical targets; collagenase and tyrosinase," said Geert Cauwenbergh, president and CEO.
In July, RXi Initiated initiated its third Phase 2a study (RXI-109-1402) with RXI-109, for the reduction of recurrence of hypertrophic scars following elective scar revision surgery.
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