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RXi Q2 Loss Rises 18 Percent on Increased Operating Costs

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RXi Pharmaceuticals last week reported its second-quarter financial results, posting a more than 18 percent rise in its net loss on a nearly identical increase in operating costs.

For the three-month period ended June 30, RXi reported no revenues and a jump in its net loss to $5.1 million, or $0.37 per share, from $4.3 million, or $0.34 per share, a year earlier.

Research and development spending climbed to $3 million from $2.8 million, while general and administrative costs edged up to $2 million from $1.6 million.

At the end of June, RXi had cash and cash equivalents totaling roughly $4.4 million. In a filing with the US Securities and Exchange Commission, RXi said that it expects its cash position, in combination with the nearly $8 million raised in an August stock and warrant offering (see RNAi News, 9/8/2009), to be sufficient to fund company operations “for at least 12 months.”

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