Alder BioPharmaceuticals, Inc. (ALDR) saw its loss widen to $48.89 million, or $0.97 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $26.16 million, or $0.60 a share.

The company has not recorded any revenues for the current as well as previous quarter.

Operating loss for the quarter was $49.19 million, compared with an operating loss of $26.43 million in the previous year period.

"2016 was a year of clinical validation and advancement for eptinezumab, a unique and potentially transformative migraine prevention therapy," said Randall C. Schatzman, Ph.D., president and chief executive officer of Alder. "We are excited about our Phase 2b data demonstrating clinically meaningful benefits to patients in as little as 48 hours, and persistent migraine prevention for at least three months from a single dose. Importantly, we remain on track to announce top-line data from PROMISE 1, our first pivotal study, in the first half of this year as we continue with enrollment of PROMISE 2. With our BLA submission planned for the second half of 2018 with positive data, we remain highly focused on advancing our pivotal development program and leveraging opportunities to maximize eptinezumab’s differentiated profile to optimize the compelling potential we believe it holds to positively impact the lives of patients living with migraine."