This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

RXi Pharmaceuticals Reports Financial Results For The Third Quarter Of 2012

About RXi Pharmaceuticals Corporation

RXi Pharmaceuticals Corporation (OTC: RXII) is a biotechnology company focused on discovering, developing and commercializing innovative therapies based on its proprietary, next-generation RNAi platform. Therapeutics that use RNA interference, or “RNAi,” have great promise because of their ability to “silence,” or down-regulate, the expression of a specific gene that may be overexpressed in a disease condition. Building on the pioneering work of scientific founder and Nobel Laureate Dr. Craig Mello, RXi’s first RNAi product candidate, RXI-109, which targets CTGF (connective tissue growth factor), entered into a human clinical trial in June 2012 to evaluate its safety, tolerability and potential efficacy for scar prevention. For more information, please visit

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “intend,” “believe,” “expect,” “may,” “should,” “designed to,” “will” and similar references. Such statements include, but are not limited to, statements about: our ability to successfully develop RXI-109 and our other product candidates; the future success of our first clinical trial with RXI-109; our expectation that our next Phase 1 study in RXI-109 will start before the end of 2012; and our ability to implement cost-saving measures. Forward-looking statements are neither historical facts nor assurances of future performance. Instead they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others: the risk that our clinical trial with RXI-109 may not be successful in evaluating the safety and tolerability of RXI-109 or providing preliminary evidence of surgical scar reduction; the successful and timely completion of clinical studies; uncertainties regarding the regulatory process; the availability of funds and resources to pursue our research and development projects, including our clinical trials with RXI-109; general economic conditions; and those identified under “Risk Factors” in the Company’s most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q and in other filings the Company periodically makes with the SEC. The Company does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this press release.
(A Development Stage Company)
(Amounts in thousands, except share and per share data)

RXi (Registrant)

Predecessor(RNAi) and RXi(Registrant)

RXi (Registrant)

Predecessor(RNAi) and RXi(Registrant)
For the Three For the Three For the Nine For the Nine
Months Ended Months Ended Months Ended Months Ended

September 30,

September 30,

September 30,

September 30,




Total revenue $ 57   $ -   $

  $ -  
Research and development expense 1,214 1,126 9,314 5,074
General and administrative expense   539     1,041     2,006     5,206  
Operating loss (1,696 ) (2,167 ) (11,263 ) (10,280 )
Interest income (expense) (1 ) 1 (29 ) 1
Other income   53     123     124     2,513  
Net loss (1,644 ) (2,043 ) (11,168 ) (7,766 )
Accretion of Series A convertible preferred stock and dividends   (1,277 )   -     (11,897 )   -  
Net loss applicable to common stockholders $ (2,921 ) $ (2,043 ) $ (23,065 ) $ (7,766 )
Net loss per common share applicable to common stockholders:
Basic and diluted loss per share $ (0.02 ) $ (0.05 ) $ (0.18 ) $ (0.23 )
Weighted average common shares outstanding:
Basic and diluted   157,155,222     41,970,481     130,032,178     33,697,704  
(A Development Stage Company)


RXi (Registrant)

RXi (Registrant)
September 30, December 31,
2012 2011
Current assets:
Cash and cash equivalents $ 6,278 $ 503
Restricted cash 53 53
Due from Parent - 597
Prepaid expenses and other current assets   144     186  
Total current assets 6,475 1,339
Equipment and furnishings, net 235 355

Other assets
  2     -  
Total assets $ 6,712   $ 1,694  

Current liabilities:
Accounts payable $ 155 $ 387
Accrued expenses and other current liabilities 877 544
Deferred revenue 370 816
Current maturities of capital lease obligations   9     29  
Total current liabilities 1,411 1,776
Convertible notes payable - 500

Capital lease obligations, net of current maturities current portion
  -     5  
Total liabilities 1,411 2,281
Commitments and contingencies
Total convertible preferred stock 9,575 -
Total stockholders' deficit   (4,274 )   (587 )

Total liabilities, convertible preferred stock and stockholders' deficit
$ 6,712   $ 1,694  

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 0.00%
FB $118.57 0.00%
GOOG $698.21 0.00%
TSLA $241.80 0.00%
YHOO $36.53 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs