Galena Biopharma (GALE) saw its loss narrow to $11.72 million, or $0.45 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $16.49 million, or $1.84 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $5.09 million, compared with an operating loss of $8.97 million in the previous year period.
"In the first quarter of 2017, we initiated a strategic assessment of Galena to examine a variety of options for optimizing value for the Company and our shareholders," said Stephen F. Ghiglieri, Interim chief executive officer and chief financial officer. “As announced, we hired Canaccord Genuity to assist us in the process, and we are now actively exploring several potential opportunities, from monetizing some or all of our clinical development programs through a license or sale of the assets, to a complete transformation of the Company via a sale, merger, reverse merger, or business combination with another company, as well as combinations of these strategies."
Working capital turns positiveWorking capital of Galena Biopharma has turned positive to $5.78 million on Mar. 31, 2017 from negative $4.27 million on Mar. 31, 2016. Current ratio was at 1.16 as on Mar. 31, 2017, up from 0.90 on Mar. 31, 2016. Debt increases substantially
Galena Biopharma has witnessed an increase in total debt over the last one year. It stood at $12.60 million as on Mar. 31, 2017, up 236.82 percent or $8.86 million from $3.74 million on Mar. 31, 2016. Galena Biopharma has witnessed an increase in short-term debt over the last one year. Total debt was 17.91 percent of total assets as on Mar. 31, 2017, compared with 5.64 percent on Mar. 31, 2016. Debt to equity ratio was at 0.46 as on Mar. 31, 2017, up from 0.30 as on Mar. 31, 2016. 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
