Business & Finance
Phio Pharmaceuticals narrows net loss to USD7.4m in 2018
28 March 2019 -

Biotechnology company Phio Pharmaceuticals Corp (NASDAQ:PHIO) stated on Wednesday its net loss of USD7.4m (USD1.04 per share) for the year ended 31 December 2018.

This marks a growth in earnings when compared with net loss of USD12.5m (USD5.52 per share) for the year ended 31 December 2017. The decrease in net loss was primarily due to a decrease in acquired in-process research and development expense and the changes in operating expenses, as discussed above.

Revenues of USD138,000 were generated in 2018, up over USD15,000 in 2017. Revenues for the years ended 2018 and 2017 were related to the work performed by the company as a sub-awardee under the government grant awarded to BioAxone Biosciences Inc for the development of BA-434 for the treatment of spinal cord injury.

Research and development expenses of USD4.3m were announced for the year ended 31 December 2018, a decline over R&D of USD5.4m for 2017, due to the completion of the work in the dermatology and ophthalmology programmes, including clinical trial-related and manufacturing-related expenses and a decrease in payroll expenses.

Additionally, the company changed its corporate name from RXi Pharmaceuticals Corporation, names Gerrit Dispersyn Dr Med Sc as its president and chief executive officer, completed equity offerings expected to provide funding into the second half of 2020 as well as expands its immuno-oncology pipeline as well as completed USD17.4m in equity offerings.