Celldex Therapeutics Inc (CLDX) saw its loss narrow to $29.60 million, or $0.29 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $31.98 million, or $0.32 a share.
Revenue during the quarter surged 116.37 percent to $2.22 million from $1.03 million in the previous year period.
Operating loss for the quarter was $29.99 million, compared with an operating loss of $32.37 million in the previous year period.
“Celldex continues to demonstrate our commitment to combining therapeutic approaches to drive innovation in immuno-oncology for patients and their families,” said Anthony Marucci, co-founder, president and chief executive officer of Celldex Therapeutics. “In the third quarter, we presented important data from our Phase 2 study of glembatumumab vedotin in checkpoint-refractory metastatic melanoma at ESMO, meeting the primary overall response endpoint and demonstrating clinically meaningful duration of response in this difficult-to-treat setting. Building on these promising signals, we are now enrolling a combination arm with our CD27 agonist, varlilumab, and are in the process of finalizing an additional arm to explore a glembatumumab vedotin and checkpoint inhibitor combination.”
Working capital drops significantly
Celldex Therapeutics Inc has witnessed a decline in the working capital over the last year. It stood at $191.08 million as at Sep. 30, 2016, down 33.10 percent or $94.54 million from $285.62 million on Sep. 30, 2015. Current ratio was at 11.26 as on Sep. 30, 2016, down from 13.08 on Sep. 30, 2015.
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