RXi reports wider loss, but also revenue growth
Life sciences startup RXi Pharmaceuticals of Westborough, which is pushing for federal approval of a post-surgical, anti-scarring drug, reported a net loss of nearly $21 million for 2013, although its revenue quadrupled to $400,000, the company reported.
RXi’s net loss, $20.9 million, was deeper than its reported $12.9 million loss in 2012. The company said the $8 million difference was primarily attributed to a one-time, non-cash charge of $12.3 million for the company’s acquisition of OPKO Health of Miami, a biopharmaceutical and diagnostics company. That deal was completed in March 2013.
On the revenue side, RXi said it took in $400,000, compared with just $100,000 in 2012. The increase was due to the recognition of work the company completed on government grants.
“RXi's proprietary self-delivering … platform provided a solid foundation for our continued product development efforts in 2013, and continues to offer potential opportunities for future value creation," said Geert Cauwenbergh, president and CEO. He added, "Conservative use of our available cash, combined with the professional strengths of our employees and the support of our shareholders, has been instrumental in moving RXI-109, our anti-scarring compound, into Phase 2 clinical studies, from which we expect to see the first results in the course of 2014."
(Image credit: freedigitalphotos.net)
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