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RXi Posts Higher Q1 Losses on Increased Spending

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RXi Pharmaceuticals last week reported that its first-quarter net loss swelled 38 percent on rising research and development and general and administrative costs.

For the three-month period ended March 31, RXi's net loss climbed to $4.2 million, or $0.30 per share, from a year-ago loss of $2.6 million, or $0.21 per share.

R&D expenses in the quarter jumped roughly 27 percent, to $1.4 million from $1.1 million, primarily due to higher employee compensation costs and legal expenses related to patent applications filed on internal inventions, RXi said.

General and administrative costs in the quarter rose to $2.8 million from $1.6 million in the same period a year ago, which the firm attributed to higher non-cash costs associated with warrants issued for business advisory services.

At the end of the quarter, RXi had $7.2 million in cash and cash equivalents.

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