Aevi Genomic Medicine, Inc. (GNMX) saw its loss narrow to $10.92 million, or $0.29 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $11.14 million, or $0.34 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $10.94 million, compared with an operating loss of $11.14 million in the previous year period.
"Following additional analysis of the SAGA trial, we remain positive about the genetic subset of patients identified that demonstrate a clear and statistically significant response to AEVI-001,” said Mike Cola, CEO of Aevi Genomic Medicine. "This discovery will allow us to move forward with the development of AEVI-001 in ADHD, and potentially other neurodevelopmental disorders in the future, including Autism Spectrum Disorder. We look forward to initiating the Phase 2 trial of AEVI-001 in patients with the identified genetic subset during the second half of 2017 and anticipate announcing top-line data in mid-2018."
Working capital drops significantly
Aevi Genomic Medicine, Inc. has witnessed a decline in the working capital over the last year. It stood at $24.74 million as at Mar. 31, 2017, down 39.85 percent or $16.39 million from $41.12 million on Mar. 31, 2016. Current ratio was at 5.54 as on Mar. 31, 2017, down from 12.57 on Mar. 31, 2016.
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