Thinly traded nano cap RXi Pharmaceuticals (RXII +22.8%) is up on almost a 4x surge in volume. Shares had been in a downtrend since a brief rally in March, shedding 70% of their value since touching $6.76 on March 15.
This morning, collaboration partner BioAxone BioSciences announced that the National Institute of Neurological Disorders and Stroke awarded it a $1.1M grant to fund the continued development of BA-434 for the treatment of spinal cord injury. RXi will receive ~$119K of the award for its contribution.
On the capital front, RXi had $2.6M in cash at the end of March while operations consumed $1.9M during the quarter. In April, the company executed a stock offering that raised net proceeds of $4.1M. Operations consumed an average of $2.4M of cash per quarter in 2017 so more capital will be needed before year-end.
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