RXi Losses Larger On Increased Spending
Worcester-based RXi Pharmaceuticals Corp. reported a fourth quarter net loss of $4 million compared to $2.8 million in the same period a year ago.
The development-stage company's operating loss for the quarter was nearly identical to its net loss.
For the year, RXi reported a net loss of $14.4 million. The company's net loss for 2007 was $11.4 million.
RXi began trading publicly during 2008 and ended the year with $9.9 million in cash compared to the $11.7 million in cash and short term investments with which it ended 2007.
Research and development spending increased to $2 million in 2008 from $1.4 million the previous year. The increase was attributed to the company's licensing of technology from the UMass Medical School and increased employee costs.
RXi was co-founded by UMass Medical School professor and Nobel Prize winner Craig Mello. The company is developing drugs based on RNAi. RNAi seeks to treat diseases by interfering with the genes suspected of causing those diseases.
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