CTI BioPharma Corp. (CTIC) saw its loss narrow to $29.18 million, or $0.10 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $32.59 million, or $0.19 a share.
Revenue during the quarter surged 359.85 percent to $4.43 million from $0.96 million in the previous year period. Gross margin for the quarter expanded 8253 basis points over the previous year period to 96.32 percent.
Operating loss for the quarter was $28.66 million, compared with an operating loss of $31.95 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $23.60 million compared to operating loss of $26.06 million in prior year period.
"We recently reported top-line data from our second Phase 3 trial of pacritinib and are encouraged by its clinical profile, particularly in patients with severe thrombocytopenia, and look forward to the presentation of the full results at an upcoming scientific meeting," said Richard Love, Interim president and chief executive officer of CTI BioPharma. "With this data in hand, our top priority is to work with the FDA in short order to seek to address their recommendations for getting pacritinib off clinical hold and back on a development track. This has been a challenging year for us; however, we are committed to bringing novel therapies to patients with a critical unmet medical need."
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
