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RXi Posts Sharp Drop in Q2 Losses

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RXi Pharmaceuticals this week reported a sharp drop in its second-quarter losses as it reduced research and development spending.

The company's net loss in the quarter fell to $2.1 million, or $0.12 per share, from a year-ago loss of $5 million, or $0.37 per share.

R&D expenses shrank to $2.3 million from $3 million, while general and administrative costs edged up to $2.5 million from $2 million in the second quarter last year.

As of June 30, RXi had cash, cash equivalents, and short-term investments totaling $11.1 million.

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