Catalyst Pharmaceuticals, Inc. (CPRX) saw its loss narrow to $3.95 million, or $0.05 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $4.45 million, or $0.05 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $3.91 million, compared with an operating loss of $5.02 million in the previous year period.
Patrick J. McEnany, chief executive officer of Catalyst stated: "Over the last few months, we have continued to execute our development strategy for Firdapse® (amifampridine phosphate) and further our mission to serve the LEMS and CMS patient communities. We were pleased by our recent receipt of a Special Protocol Assessment agreement with the FDA for the protocol design, clinical endpoints, and statistical analysis approach to be taken in our upcoming, second Phase 3 study evaluating Firdapse for the symptomatic treatment of LEMS. We believe that our receipt of the SPA provides us with a clearly defined development and regulatory pathway to complete the development of this product. We were also gratified to have been granted orphan drug designation for Firdapse for the treatment of myasthenia gravis. Finally, we have launched our new website to make it easier for patients to access information about obtaining Firdapse at no cost through our expanded access program, which is another step in our continuing efforts to serve LEMS and CMS patients."
Working capital drops significantly
Catalyst Pharmaceuticals, Inc. has witnessed a decline in the working capital over the last year. It stood at $43.06 million as at Sep. 30, 2016, down 30.52 percent or $18.91 million from $61.97 million on Sep. 30, 2015. Current ratio was at 22.58 as on Sep. 30, 2016, down from 26.97 on Sep. 30, 2015.
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