Synthetic Biologics, Inc (SYN) saw its loss narrow to $27.26 million, or $0.29 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $43.74 million, or $0.54 a share. The company has not recorded any revenues for the current as well as previous year.
Operating loss for the year was $39.25 million, compared with an operating loss of $40.98 million in the previous year.
"2016 was a transformative and momentum-building year for Synthetic Biologics," said Jeffrey Riley, president and chief executive officer. "In the past 12 months, we announced positive proof-of-concept clinical results for our lead microbiome-focused programs representing significant milestones for our company. Most recently, we announced positive topline results from ribaxamase’s global Phase 2b proof-of-concept clinical trial which achieved its primary endpoint by demonstrating a statistically significant reduction in the incidence of primary C. difficile infection (CDI) compared to placebo, positioning ribaxamase as a vanguard amongst microbiome-based therapeutics pursuing clinical development for this indication in Phase 2 trials or later. Data from this study also demonstrated that ribaxamase significantly reduced the incidence of new colonization by vancomycin-resistant enterococci (VRE) compared to placebo, potentially expanding the utility of our compound as a first line of defense against the development of antimicrobial resistance (AMR) in the gut microbiome. We believe ribaxamase may represent a disruptive yet simple approach to antibiotic therapy that may directly lead to more effective and efficient use of antibiotics."
Working capital drops significantly
Synthetic Biologics, Inc has witnessed a decline in the working capital over the last year. It stood at $1.81 million as at Dec. 31, 2016, down 87.72 percent or $12.95 million from $14.76 million on Dec. 31, 2015. Current ratio was at 1.09 as on Dec. 31, 2016, down from 1.95 on Dec. 31, 2015.
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