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RXi Reports Lower Q1 Losses

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RXi Pharmaceuticals this week reported its first-quarter financial results, posting a drop in its net loss to $3.9 million, or $0.24 per share, from $4.2 million, or $0.30 per share, the year before.

Research and development spending increased to $1.9 million from $1.4 million, primarily due to an increase in non-employee non-cash share-based compensation, as well as compensation and related expenses related to new employees brought on to support the company's collaborations and internal discovery efforts.

General and administrative costs, meanwhile, shrank to $2.5 million from $2.8 million in the first quarter last year.

As of March 31, RXi had cash and cash equivalents totaling $14.9 million. In a filing with the US Securities and Exchange Commission, the company said it expects to have enough cash to fund operations through at least the first half of 2011.

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