August 10, 2007
RXi parent posts $6.2M 2Q loss
By Matthew L. Brown
CytRx, the Los Angeles-based parent of Worcester's RXi Pharmaceuticals, reported a $10.8 million net loss for the first half of the year, $6.2 million of which was lost during the second quarter.
The company's $6.3 million second quarter research and development spending was double that of the second quarter of 2006. The company said $2.3 million of that research and development spending was for the purchase of licensing rights from the University of Massachusetts Medical School by RXi.
RXi also nearly doubled CytRx's general and administrative spending to $4.5 million for the quarter, and the company also spent $900,000 in "our efforts to comply with the Sarbanes-Oxley Act."
The company's $6.3 million second quarter research and development spending was double that of the second quarter of 2006. The company said $2.3 million of that research and development spending was for the purchase of licensing rights from the University of Massachusetts Medical School by RXi.
RXi also nearly doubled CytRx's general and administrative spending to $4.5 million for the quarter, and the company also spent $900,000 in "our efforts to comply with the Sarbanes-Oxley Act."
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