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RXi Q1 Loss Rises on Opko Deal Charge

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RXi Pharmaceuticals this week reported its first-quarter financial results, posting a sharply increased net loss on a one-time charge associated with its purchase of the RNAi drug assets of Opko Health in early March.

For the three-month period ended March 31, RXi’s net loss was $14.4 million, compared with $1.9 million in the same quarter a year earlier. Driving the loss was a $12.3 million charge related to the fair value of RXi common shares issued to Opko under the companies’ deal (GSN 3/7/2013).

RXi’s revenues were $100,000, versus no revenues in the year-ago period, and reflect money received under government grants.

Research and development spending surged to $13.8 million from $1.2 million, primarily due to the charge associated with the Opko deal, while general and administrative expenses fell $100,000 to $700,000.

At the end of the first quarter, RXi had cash and cash equivalents totaling $19.6 million.