Collegium Pharmaceutical, Inc (COLL) saw its loss widen to $26.44 million, or $1.13 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $9.36 million, or $0.46 a share.
Revenues for the quarter were $0.41 million. The company has not recorded any revenues for the previous year period. Gross margin for the quarter was at 92.89 percent.
Operating loss for the quarter was $26.44 million, compared with an operating loss of $9.26 million in the previous year period.
“It has been a very productive quarter for Collegium. We have made significant progress on the commercial launch of Xtampza ER with broadened payer coverage, pharmacy availability, customer contracting, as well as increasing the physician prescriber base of the product,” stated Michael Heffernan, Collegium’s chief executive officer. “Furthermore, we submitted a Supplemental New Drug Application to enhance the label for Xtampza ER and submitted a New Drug Submission to Health Canada seeking marketing approval for Xtampza ER in an important market outside of the U.S.”
Working capital drops significantly
Collegium Pharmaceutical, Inc has witnessed a decline in the working capital over the last year. It stood at $70.97 million as at Sep. 30, 2016, down 27.38 percent or $26.76 million from $97.73 million on Sep. 30, 2015. Current ratio was at 3.91 as on Sep. 30, 2016, down from 12.36 on Sep. 30, 2015.
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