Synergy Pharmaceuticals Inc. (SGYPW) saw its loss widen to $59.87 million, or $0.31 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $30.45 million, or $0.27 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $42.40 million, compared with an operating loss of $26.95 million in the previous year period.
"The approval of TRULANCE™ in the United States for the treatment of adults with chronic idiopathic constipation was a tremendous event not just for Synergy, but also for the millions of patients with CIC who have been in need of a new therapeutic option," said Gary S. Jacob, chairman and chief executive officer of Synergy Pharmaceuticals Inc. "I am pleased with the progress our team has made implementing a strong and compelling commercial plan, a robust high quality supply chain, and that the Synergy organization, along with healthcare providers and payers, are well prepared for the launch of TRULANCE this month. In addition, we are continuing our efforts to bring TRULANCE to patients with irritable bowel syndrome with constipation, as we remain on-track to file a supplemental new drug application (sNDA) this month."
Working capital drops significantly
Synergy Pharmaceuticals Inc. has witnessed a decline in the working capital over the last year. It stood at $59.49 million as at Dec. 31, 2016, down 37.70 percent or $35.99 million from $95.48 million on Dec. 31, 2015. Current ratio was at 3.02 as on Dec. 31, 2016, down from 5.88 on Dec. 31, 2015.
Debt comes down significantly
Synergy Pharmaceuticals Inc. has recorded a decline in total debt over the last one year. It stood at $22.66 million as on Dec. 31, 2016, down 85.01 percent or $128.58 million from $151.24 million on Dec. 31, 2015. Synergy Pharmaceuticals has recorded a decline in long-term debt over the last one year. It stood at $22.66 million as on Dec. 31, 2016, down 85.01 percent or $128.58 million from $151.24 million on Dec. 31, 2015. Total debt was 25.22 percent of total assets as on Dec. 31, 2016, compared with 130.46 percent on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
