Emisphere Technologies, Inc. (EMIS) saw its loss widen to $5.20 million, or $0.09 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $4.42 million, or $0.07 a share. Revenue during the quarter surged 56.92 percent to $0.20 million from $0.13 million in the previous year period.
Operating loss for the quarter was $2 million, compared with an operating loss of $4.67 million in the previous year period.
"To date in 2016, we have made significant progress toward our key corporate objectives of securing a strategic alliance or transaction for Eligen B12 and new oral formulation development partnerships for our innovative Eligen® Technology," said Alan L. Rubino, President and Chief Executive Officer of Emisphere. "Our discussions continue to advance with potential partners, both the U.S. and internationally, for the ongoing global commercialization of oral Eligen B12. We believe that Eligen B12 is a best-in-class product with a largely untapped patient base.”
Working capital remains negative
Working capital of Emisphere Technologies, Inc. was negative $15.11 million on Sep. 30, 2016 compared with negative $8.52 million on Sep. 30, 2015. Current ratio was at 0.35 as on Sep. 30, 2016, up from 0.34 on Sep. 30, 2015. Days sales outstanding went down to 82 days for the quarter compared with 154 days for the same period last year.
Days inventory outstanding has decreased to 7 days for the quarter compared with 3851 days for the previous year period.
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