Eleven Biotherapeutics, Inc. (EBIO) saw its loss narrow to $6.06 million, or $0.25 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $7.57 million, or $0.39 a share. Revenue during the quarter surged 85.59 percent to $0.42 million from $0.23 million in the previous year period.
Operating loss for the quarter was $6.16 million, compared with an operating loss of $6.55 million in the previous year period.
“During our first quarter of 2017, we made meaningful progress, advancing our Phase 3 registration clinical trial of Vicinium and continuing development efforts with Proxinium™ and VB6-845d,” said Stephen Hurly, president and chief executive officer of Eleven Biotherapeutics. “Importantly, we also presented new preclinical data supporting the potential of our locally- and systemically-administered drug candidates not just as monotherapies, but also in combination with immuno-oncology products, including checkpoint inhibitors. These results accord with our clinical development strategies, and we look forward to further exploring TPTs as new medicines with the potential to offer considerable improvements over existing options.”
Working capital increases sharply
Eleven Biotherapeutics, Inc. has recorded an increase in the working capital over the last year. It stood at $17.75 million as at Mar. 31, 2017, up 54.06 percent or $6.23 million from $11.52 million on Mar. 31, 2016. Current ratio was at 6.50 as on Mar. 31, 2017, up from 6.05 on Mar. 31, 2016.
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