With Clinical Trial Ongoing, RXi Losses Climb
Westborough-based RXi Pharmaceuticals, a development stage company which spun-out of Galena Biopharma Inc. in late April, reported a second-quarter loss of $17.2 million, up from $1.9 million during the second quarter of 2011.
The losses were driven by a non-cash dividend of $9.6 million related to the issuance of convertible preferred stock when it was spun-off by Galena in April, as well as a non-cash expense of $6.2 million related to common stock issued in exchange for patent and technology rights.
The company moved from Worcester to its new headquarters in Westborough at the end of June.
RXi, whose stock began trading on the OTC Bulletin Board on May 10, began a clinical study of its surgical scar reduction compound, RXI-109, in June. The compound builds on the work of Nobel Laureate Dr. Craig Mello.
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