Thinly traded nano cap RXi Pharmaceuticals (RXII +31%) is up on a 13x surge in volume. Shares have more than doubled since last week as shares attempt to break a long-term downtrend.
No particular news accounts for the action. The company's lead candidate is RXI-109, a self-delivering RNAi therapeutic in Phase 2 development for the reducing dermal scarring following surgery and in Phase 1/2 development for reducing the progression of subretinal fibrosis in patients with advanced neovascular age-related macular degeneration.
In January, it announced a revamped strategy to extend its cash runway while accelerating development of candidates RXI-762 and RXI-804.
At the end of September 2017, it had ~$5.4M in unrestricted cash and operations consumed $7.3M over the first three quarters of 2017 so additional capital will be needed.
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