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August 14, 2014

RXi Pharmaceuticals losses hold steady

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RXi Pharmaceuticals Corp., a clinical-stage biotechnology company based in Marlborough, reported that its net losses held steady at $2 million in the second quarter compared to the same period a year ago.

The loss reduced stockholders’ loss per share to 23 cents, compared to 39 cents in the second quarter of 2013. Meanwhile, RXi reported sales of $12,000, down from $225,000 for the second quarter of 2013.

So far this year the company has seen its losses shrink by $12.1 million, which it attributed to a one-time charge of $12.3 million in the first quarter of 2013 for the purchase of the RNAi-related assets of biotech company OPKO Health Inc..

In April, RXi announced it had entered into a purchase agreement with Chicago-based investment firm Lincoln Park Capital LLC. Lincoln Park agreed to buy up to $20 million of shares in the company's common stock, with an initial investment of $2 million.

RXi is working toward government approvals of a drug that reduces dermal scarring for surgical patients.

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