CytRx Corporation (CYTR) saw its loss narrow to $50.77 million, or $0.63 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $58.59 million, or $0.97 a share.
Revenue during the year surged 100 percent to $0.20 million from $0.10 million in the previous year.
Operating loss for the year was $52.26 million, compared with an operating loss of $63.28 million in the previous year.
"2016 was a pivotal year for CytRx. We achieved several key milestones, including reporting results from our pivotal Phase 3 trial evaluating aldoxorubicin as a treatment for patients with relapsed or refractory soft tissue sarcomas (STS)," said Steven A. Kriegsman, CytRx's chairman and chief executive officer. "We look forward to sharing the results of this trial with the U.S. Food and Drug Administration (FDA) this quarter and discussing the regulatory path for a NDA submission for alddoxorubicin. We also hope to present the Phase 3 trial results to the medical community in a peer-reviewed forum in the coming months." Mr. Kriegsman continued, "Beyond STS, we are also evaluating aldoxorubicin in a Phase 2b trial versus topotecan in patients with second-line small cell lung cancer (SCLC), and we remain on track to report top-line results from that trial by the end of the second quarter of the year."
Working capital remains almost stable
CytRx Corporation has witnessed a decline in the working capital over the last year. It stood at $41.07 million as at Dec. 31, 2016, down 0.67 percent or $0.28 million from $41.35 million on Dec. 31, 2015. Current ratio was at 3.11 as on Dec. 31, 2016, up from 2.80 on Dec. 31, 2015.
Days sales outstanding went down to 168 days for the year compared with 8434 days for the same period last year.
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