RXi Pharmaceuticals has $3.6M in cash as it focuses on cancer treatment
Brad Kane
Geert Cauwenbergh, president and CEO, RXi Pharmaceuticals Corp., Marlborough.
Marlborough-based biotech RXi Pharmaceuticals ended 2017 with $3.6 million in cash, about a third of what if had at the end of 2016, according to a financial statement released by the company Monday.
The company in its fourth quarter and 2017 earnings results reported just $15,000 in revenues in 2017, all of which came in the fourth quarter.
Operating expenses, however, have been at least $5.37 million in each of the last two years.
RXi did, however, manage to secure funding in other ways, including a purchase agreement with Lincoln Park Capital Fund in August giving RXi the right to sell that entity up to $15 million in shares. To date, the company has sold 285,000 shares for $12 million.
BioAxone Biosciences, RXi’s collaborative partner, allotted RXi $129,000 of a nearly $1.8 million grant with the potential for another $118,000 if certain milestones are achieved in developing a drug for the treatment of spinal cord injuries.
The company begins 2017 with a renewed focus on developing cancer treatments in the immuno-oncology realm via its self-delivering RNAi-based technology platform. The company noted four partnerships with European institutions and companies to expand its pipeline in the cancer-solving industry.
The company has also populated its leadership positions with immuno-oncology experts, including positions on its scientific advisory board, board of directors and the position of chief development officer.
WBJ Web Partners
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