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August 11, 2010

RXi Trims Loss, Improves Cash Position

Worcester's RXi Pharmaceuticals Corp. lost $2.1 million during the second quarter compared to $5.1 million a year earlier and used short-term investments to nearly double its assets to $11.8 million.

The biopharmaceutical company co-founded by Noble Prize-winning UMass Medical School professor Craig Mello called 2010 a "transitional year" as it attempts to concentrate more heavily on developing products rather than on research almost exclusively.

RXi reduced research and development spending by 23 percent during the quarter.

The company made $15.2 million in a stock offering in March, but used $6.2 million in cash to support company operations in the first half of the year.

RXi is developing pharmaceuticals based on the RNAi technology pioneered by Mello. RNAi seeks to treat diseases by interfering with the genes thought to cause those diseases.

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