RXi Narrows Losses, Gains Revenue In Q2
Westborough-based biotechnology startup RXi Pharmaceuticals saw positive progression in the second quarter ended June 30, narrowing its losses compared to last year while gaining revenue and improving its cash position.
The clinical-phase company, which is conducting a trial of its first potential product, RXI-109, which targets connective tissue growth factor to reduce dermal scarring, earned $200,000 in revenue. The company earned no revenue in the same period in 2012 and $100,000 in the first quarter of 2013. RXi said in a statement that revenue came from the completion of work that was tied to government grants.
The company’s net losses totaled $2 million, compared to $7.6 million a year ago. The decrease is due to a one-time charge in the second quarter of 2012 related to the fair value of common shares in exchange for the use of patent and technology rights.
Meanwhile, cash on hand totaled $17.6 million at the end of the second quarter, compared to $5.1 million on Dec. 31, 2012.
“The first half of 2013 has been a good one for RXi Pharmaceuticals, with steady progress in line with our planning and budget for our research and development activities,” Geert Cauwenbergh, president and CEO of RXi, said in a statement.
Cauwenbergh noted that the company saw positive outcomes in its first two Phase 1 clinical studies on RXI-109 in terms of safety, tolerance and effectiveness. He said those results, which were announced in June, allow RXi to embark on Phase 2 clinical studies on the product.
RXi, which now trades on the OTC Market Group, applied for a NASDAQ listing in July.
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