Business & Finance
RXi Pharmaceuticals incurs lower net loss of USD2.0m for Q4 2017
27 March 2018 -

Biotechnology company RXi Pharmaceuticals Corporation (NASDAQ:RXII) stated on Monday it recorded a net loss applicable to common stockholders of USD2.0m for the fourth quarter ended 31 December 2017.

This is a decrease in net loss applicable to common stockholders when compared with USD4.4m for the quarter ended 31 December 2016. The decrease was due to the one-time charge related to the beneficial conversion feature of the Company's Series B Convertible Preferred Stock in 2016.

Revenues of USD15,000 were generated for the quarter ended 31 December 2017. The company had no revenue during the quarter ended 31 December 2016. The revenues for the quarter were due to the work performed under the grant with BioAxone.

Research and development expense of USD1.2m were recorded for the quarter ended 31 December 2017, a decline from R&D of USD1.3m for the quarter ended 31 December 2016, due to lower spending on clinical trial-related expenses as subject visits in each of the ongoing clinical trials came to an end.

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