OncoSec Medical Incorporated (ONCS) saw its loss narrow to $4.56 million, or $0.22 a share for the quarter ended Apr. 30, 2017. In the previous year period, the company reported a loss of $6.25 million, or $0.37 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $4.56 million, compared with an operating loss of $6.25 million in the previous year period.
"We have made significant progress this past quarter in advancing our clinical and regulatory pathway for ImmunoPulse® IL-12, which we believe can provide a meaningful clinical benefit to patients with limited or no treatment options," said Punit Dhillon, president and chief executive officer of OncoSec. "With a clinical collaboration and drug supply agreement for pembrolizumab and FDA Fast Track designation in hand, we are working diligently on the site start-up and initiation activities related to our registration-directed study, which we call PISCES. By pursuing an accelerated pathway, this puts us in a favorable position to secure the first approval in the anti-PD-1 non-responder patient population in advanced melanoma."
Operating cash flow remains negative
OncoSec Medical Incorporated has spent $12.71 million cash to meet operating activities during the nine month period as against cash outgo of $13.75 million in the last year period. The company has spent $0.01 million cash to meet investing activities during the nine month period as against cash outgo of $1.16 million in the last year period.
Cash flow from financing activities was $0.08 million for the nine month period, down 98.91 percent or $6.81 million, when compared with the last year period.
Cash and cash equivalents stood at $16.11 million as on Apr. 30, 2017, down 32.94 percent or $7.91 million from $24.02 million on Apr. 30, 2016.
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