Chimerix (CMRX) saw its loss narrow to $17.75 million, or $0.38 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $26.26 million, or $0.57 a share. Revenue during the quarter dropped 12.21 percent to $1.08 million from $1.23 million in the previous year period.
Operating loss for the quarter was $18.26 million, compared with an operating loss of $26.63 million in the previous year period.
"We have made meaningful progress advancing both the short-course oral brincidofovir program and the first of several confirmatory studies of IV brincidofovir. The single ascending dose study of IV brincidofovir (BCV) demonstrated with the first dose of 10 mg that we can achieve the plasma exposures that previously showed antiviral activity in the SUPPRESS and AdVise studies, but without the previously noted gastrointestinal (GI) limitations,” said M. Michelle Berrey, MD, MPH, president and chief executive officer of Chimerix. "These results together with the multiple-dose studies in healthy subjects and in infected populations will inform the planned pivotal pediatric trial for IV BCV, the MVP-Peds Study (Multi-Viral Prevention in Pediatric Allogeneic Transplant Recipients), which we hope to initiate in 2018. We look forward to advancing this important program to bring brincidofovir to immunocompromised patients suffering with these life-threatening viral infections."
Working capital drops significantlyChimerix has witnessed a decline in the working capital over the last year. It stood at $156.26 million as at Mar. 31, 2017, down 39.57 percent or $102.33 million from $258.60 million on Mar. 31, 2016. Current ratio was at 19.10 as on Mar. 31, 2017, down from 26.34 on Mar. 31, 2016. Days sales outstanding went up to 135 days for the quarter compared with 111 days for the same period last year.
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