Aradigm Corporation (ARDM) saw its loss widen to $8.19 million, or $0.55 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $5.55 million, or $0.38 a share. Revenue during the quarter plunged 98.93 percent to $0.05 million from $4.67 million in the previous year period.
Operating loss for the quarter was $7.25 million, compared with an operating loss of $5.53 million in the previous year period.
"Our pivotal Phase 3 studies, ORBIT 3 and ORBIT 4, have completed all patient dosing and follow up visits and we expect topline data with our product candidate Pulmaquin to be available by the end of this year," said Igor Gonda, president and chief executive officer of the Company. "We are also very pleased with the substantial amount of financial support allocated by the U.S. and Australian governments to investigate the utility of Pulmaquin in a variety of biodefense indications and in lung infections by biofilm-forming microorganisms, respectively."
Working capital declines
Aradigm Corporation has witnessed a decline in the working capital over the last year. It stood at $25.92 million as at Sep. 30, 2016, down 23.91 percent or $8.15 million from $34.06 million on Sep. 30, 2015. Current ratio was at 5.27 as on Sep. 30, 2016, down from 5.52 on Sep. 30, 2015. Days sales outstanding went up to 442 days for the quarter compared with 6 days for the same period last year.
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