RXi Pharmaceuticals cuts losses, raises cash
Courtesy of RXi Pharmaceuticals Corp.
RXi Pharmaceuticals Corp., a clinical-stage biotechnology company based in Marlborough, has cut second quarter losses and secured an additional year of cash as it continues to advance its clinical and preclinical pipeline.
The company reported losses in the second quarter of $2.2 million, down from $3.2 million in the same quarter of 2014. The company also completed a public offering of common stock and warrants with the sale of 26 million units, receiving net proceeds of $9.2 million. That resulted in $14 million in cash and cash equivalents, over the $8.5 million the company had on hand on Dec. 31, 2014.
"This financing provides us with at least an additional year of cash. This cash and time will allow us to focus on rebuilding our share price, which was significantly affected in the last 18 months by the conversion and sale of the preferred into common shares,” Dr. Geert Cauwenbergh, president and CEO of RXi Pharmaceuticals, said in a statement.
With the additional cash, the company will aim to advance its products and generate partnership deals.
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