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RXi Reports Lower Q2 Loss, Expenses

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RXi Pharmaceuticals this week reported its second-quarter financial results, posting a sharp drop in its net loss amid a decrease in research and development spending.

For the three-month period ended June 30, RXi’s net loss was $2 million, compared with $7.6 million in 2012. The drop is primarily due to a $6.2 million one-time charge in the second quarter of last year related to the fair value of common shares issued in exchange for patent and technology rights.

Revenues in the quarter were $200,000, compared with zero revenues in the year-ago period.

R&D costs fell to $1.2 million from $6.9 million, again due to the one-time charge in last year’s second quarter. General and administrative expenses edged up to $1 million from $700,000.

At the end of the second quarter, RXi had cash, cash equivalents, and short-term investments totaling $17.6 million.

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