Five Prime Therapeutics, Inc. (FPRX) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $20.11 million, or $ 0.73 a share in the quarter, against a net profit of $296.13 million, or $10.63 a share in the last year period.
Revenue during the quarter plunged 97.73 percent to $8.26 million from $363.34 million in the previous year period.
Operating loss for the quarter was $31.41 million, compared with an operating income of $333.78 million in the previous year period.
"2016 was a year of tremendous progress in Five Prime’s clinical and preclinical pipeline," said Lewis T. "Rusty" Williams, M.D., Ph.D., president and chief executive officer of Five Prime. "We advanced our three clinical-stage programs and look forward to announcing data from each of these programs this year. With a concerted focus on building out our pipeline, we also unveiled three preclinical programs that we advanced into IND-enabling activities. We are on track to meet our goal of filing at least one IND application for a new molecule each year for the foreseeable future, beginning this year."
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