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Print Edition StoriesFriday, August 21, 2009
DiPalma resigns from CFO post at RXi Pharmaceuticals
By Mass High Tech staff
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RXi Pharmaceuticals Corp., a Worcester-based firm developing RNAi therapeutics, has announced that its chief financial officer and executive vice president of business operations, Stephen J. DiPalma, has resigned.
The company said in a statement that DiPalma plans to “pursue other opportunities” and his resignation will go into effect on Aug. 28. RXi stated that it will look for a new chief financial officer for the company.
RXi (Nasdaq: RXII) reported last week that the company suffered a greater net loss — $9.3 million — in the first two quarters of 2009 compared to the same time period in 2008, with $7 million. The company pointed to an increase in research and development costs, as well as administrative costs, in the first six months of 2009 due in part to more R&D jobs added, higher patent application costs and higher legal costs.
In July, the company announced that it had raised $8.3 million in a follow-on public offering of common stock, planned for use in working capital and general business needs.
RXi develops proprietary therapeutics based on RNA interference (RNAi). Among the company’s founders is University of Massachusetts researcher Craig Mello, who was a winner of the 2006 Nobel Prize for his co-discovery of RNAi.
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