RXi Sees Revenue Boost, Narrows Losses
RXi Pharmaceuticals of Westborough narrowed its losses in the third quarter and took in $57,000 in revenue as the company pushed ahead in the clinical-trial phase of a drug that reduces scarring in surgical and trauma patients.
The young company did not take in revenue in the third quarter of 2011. Its net loss of $1.6 million was about 20 percent less than the $2 million in the same quarter last year. Meanwhile, the company improved its cash position from $503,000 to $6.3 million over the 12 months.
During the quarter, the company completed the dosing portion of its first Phase 1 study for RXi-109, its anti-scarring drug. RXi said there are no FDA-approved drugs on the market to reduce scarring, which would make its product "a great benefit" for trauma and surgical patients.
"We have continued to execute according to plan in the third quarter of 2012, with the final reports for our first Phase 1 study due in Q1 2013," said Dr. Geert Cauwenbergh, president and CEO of RXi. "As a new independent company, we are very pleased with our continued transition from a technology platform company into a company developing commercially viable assets."
Cauwenbergh said the next Phase 1 study, which will focus on multiple dosing in volunteers, should begin by the end of the year. "All this has been done with a cash burn completely in line with our projections and assets," he said.
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