March 18, 2008
Late Report From RXi Parent
By Matthew L. Brown
CytRx , the Los Angeles-based parent of Worcester's RXi Pharmaceuticals Corp. , has been so tied up with getting RXi on the stock market that it won't file its annual report on time.
The company said it would miss the filing deadline for its annual report, which by U.S. Securities and Exchange Commission rule, must be filed within 90 days of the end of the fiscal year. CytRx's fiscal year ended Dec. 31.
The company said it would file its annual report within 15 days of the due date, however. The report couldn't be filed on time "without unreasonable effort or expense," the company said. Bringing RXi to the stock market has put "extraordinary demands on the accounting department of CytRx."
RXi, a biopharmaceutical company founded by Nobel Prize winner Craig Mello, began public trading last week.
Shares of RXi were trading at $9 as of 11 a.m. this morning.
The company said it would miss the filing deadline for its annual report, which by U.S. Securities and Exchange Commission rule, must be filed within 90 days of the end of the fiscal year. CytRx's fiscal year ended Dec. 31.
The company said it would file its annual report within 15 days of the due date, however. The report couldn't be filed on time "without unreasonable effort or expense," the company said. Bringing RXi to the stock market has put "extraordinary demands on the accounting department of CytRx."
RXi, a biopharmaceutical company founded by Nobel Prize winner Craig Mello, began public trading last week.
Shares of RXi were trading at $9 as of 11 a.m. this morning.
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