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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 www.rxipharma.com.

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.

RXi PHARMACEUTICALS CORPORATION (REGISTRANT) AND PREDECESSOR (RNAi)
(A Development Stage Company)
CONDENSED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
(Unaudited)
         

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,

2012

2011

2012

2011

Total revenue $ 57   $ -   $

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  
 
RXi PHARMACEUTICALS CORPORATION (REGISTRANT)
(A Development Stage Company)
CONDENSED BALANCE SHEETS
(Unaudited)

 

     

RXi (Registrant)

   

RXi (Registrant)

September 30, December 31,
2012 2011
ASSETS
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  
 
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT

 

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  




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