Global Blood Therapeutics, Inc. (GBT) saw its loss widen to $27.21 million, or $0.74 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $15.58 million, or $0.53 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $27.46 million, compared with an operating loss of $15.60 million in the previous year period.
"2016 was a year of consistent execution and rapid advancement across both of our GBT440 clinical programs designed to treat diseases where the patient communities are greatly underserved. This was highlighted by coming to agreement with the FDA on the design of our pivotal HOPE Study in patients with sickle cell disease (SCD). The HOPE Study is a uniquely designed trial that has a strong grounding in GBT440’s mechanism of action, including its potential to fundamentally modify the course of the disease by inhibiting sickle hemoglobin polymerization," said Ted W. Love, M.D., president and chief executive officer of GBT. "In 2017, we will remain focused on advancing both our SCD and idiopathic pulmonary fibrosis (IPF) programs. Given our recent financing we expect our cash and investments as well as proceeds from the financing will allow us to fund all currently planned activities through the announcement of topline data from our SCD pivotal study."
Working capital decreases marginally
Global Blood Therapeutics, Inc. has witnessed a decline in the working capital over the last year. It stood at $134.25 million as at Dec. 31, 2016, down 4.17 percent or $5.84 million from $140.10 million on Dec. 31, 2015. Current ratio was at 9.65 as on Dec. 31, 2016, down from 14.07 on Dec. 31, 2015.
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