RXi Shrinks Q1 Loss, Amasses Cash
Worcester's RXi Pharmaceuticals Corp. said its net loss for the first quarter was $3.9 million compared to $4.2 million a year ago.
The biotech firm's operating loss climbed from $4.2 million to $4.5 million over the same time.
But by the end of the quarter, RXi claimed $14.9 million in cash and equivalents compared to $5.7 million at the end of 2009.
The company said it expects 2010 to be the year in which it evolves from "a research-focused company to one identified by compelling product development programs..."
During the quarter, the company completed a $16.2 million public offering of RXi stock, signed collaboration agreements with several biotech and pharmaceutical partners and began a research collaboration focused on ocular disease.
RXi is developing drugs based on RNAi. RNAi seeks to treat diseases by interfering with the genes thought to be responsible for those diseases.
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