Catalyst Pharmaceuticals, Inc. (CPRX) saw its loss narrow to $4.16 million, or $0.05 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $5.82 million, or $0.07 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $4.31 million, compared with an operating loss of $6.19 million in the previous year period.
"As many of you are aware, 2016 proved to be a challenging year for Catalyst, with difficult decisions on the regulatory front regarding the requirement that we conduct a second Phase 3 trial evaluating Firdapse for the treatment of Lambert-Eaton myasthenic syndrome (LEMS) before the FDA will accept any NDA submission that we make for Firdapse", said Patrick J. McEnany, Catalyst's chairman and chief executive officer. Mr. McEnany continued, "As we look forward into the balance of 2017, our primary focus is on completing the clinical trials required for LEMS and congenital myasthenic syndromes (CMS) by the middle of this year and having an NDA submitted and accepted by the FDA by year end. The clinical importance of the Firdapse programs are further illustrated by this morning’s release of promising new top-line clinical data for the treatment of myasthenia gravis patients with anti-MuSK antibodies (MuSK-MG). Additionally, we are hopeful that discussions for partnering of our generic Sabril and CPP-115 programs will lead to meaningful transactions this year for both programs."
Working capital drops significantly
Catalyst Pharmaceuticals, Inc. has witnessed a decline in the working capital over the last year. It stood at $39.36 million as at Dec. 31, 2016, down 30.29 percent or $17.10 million from $56.46 million on Dec. 31, 2015. Current ratio was at 19.79 as on Dec. 31, 2016, up from 17.41 on Dec. 31, 2015.
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